Truist Financial Issues Positive Forecast for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its price target boosted by Truist Financial from $77.00 to $82.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other research firms also recently issued reports on ADC. Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Stifel Nicolaus raised their price objective on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and upped their target price for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Finally, JMP Securities restated a “market perform” rating on shares of Agree Realty in a research note on Wednesday, April 30th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Stock Down 0.6 %

Agree Realty stock opened at $76.17 on Monday. The business has a fifty day moving average price of $75.89 and a 200-day moving average price of $74.13. Agree Realty has a 1-year low of $58.18 and a 1-year high of $79.65. The stock has a market capitalization of $8.38 billion, a price-to-earnings ratio of 42.79, a PEG ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period last year, the firm posted $0.43 EPS. Equities research analysts forecast that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be given a $0.256 dividend. The ex-dividend date is Wednesday, April 30th. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty’s payout ratio is 173.45%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Cohen & Steers Inc. grew its position in shares of Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the period. Raymond James Financial Inc. acquired a new stake in Agree Realty in the 4th quarter worth about $101,382,000. Millennium Management LLC increased its stake in Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock worth $82,518,000 after buying an additional 1,068,271 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.