Mizuho Cuts Agree Realty (NYSE:ADC) Price Target to $77.00

Agree Realty (NYSE:ADC) had its price objective trimmed by Mizuho from $78.00 to $77.00 in a report released on Thursday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Barclays lowered their target price on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 20th. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Finally, UBS Group boosted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, August 12th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $80.42.

Agree Realty Price Performance

Agree Realty stock opened at $73.11 on Thursday. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The business’s 50 day simple moving average is $72.70 and its 200 day simple moving average is $74.31. The company has a market cap of $8.09 billion, a price-to-earnings ratio of 43.52, a PEG ratio of 2.46 and a beta of 0.56.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The business had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the prior year, the business earned $1.04 earnings per share. Agree Realty’s revenue for the quarter was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Sell-side analysts forecast that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 430.0%. Agree Realty’s dividend payout ratio is presently 182.74%.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree purchased 4,108 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the acquisition, the chief executive officer owned 633,060 shares in the company, valued at $45,675,279. This trade represents a 0.65% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the firm’s stock in a transaction dated Friday, September 5th. The stock was purchased at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 7,700 shares of company stock worth $555,926. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Large investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in Agree Realty during the first quarter valued at about $27,000. Farther Finance Advisors LLC grew its stake in shares of Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC bought a new stake in Agree Realty during the 1st quarter valued at approximately $33,000. Bernard Wealth Management Corp. bought a new stake in Agree Realty during the 4th quarter valued at approximately $31,000. Finally, Capital Advisors Ltd. LLC boosted its position in Agree Realty by 137.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 270 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.