Agree Realty Corporation (NYSE:ADC) Receives $81.21 Consensus Price Target from Brokerages

Agree Realty Corporation (NYSE:ADC) has been given a consensus recommendation of “Moderate Buy” by the sixteen analysts that are presently covering the company, Marketbeat reports. Seven equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $81.2083.

Several equities analysts have recently commented on ADC shares. Barclays cut their price target on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. UBS Group boosted their price target 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. KeyCorp upped their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, Mizuho cut their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th.

Agree Realty Trading Down 0.6%

ADC stock opened at $74.19 on Friday. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65. The firm’s 50-day moving average is $73.17 and its 200 day moving average is $73.25. The company has a market capitalization of $8.53 billion, a PE ratio of 43.39, a P/E/G ratio of 2.43 and a beta of 0.54. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The business had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same period in the prior year, the firm earned $1.03 EPS. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, research analysts anticipate that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $0.262 dividend. The ex-dividend date is Friday, November 28th. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Insider Buying and Selling

In other news, Director John Rakolta, Jr. bought 25,154 shares of Agree Realty stock in a transaction on Tuesday, October 7th. The stock was acquired at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the acquisition, the director owned 553,700 shares of the company’s stock, valued at $38,986,017. This trade represents a 4.76% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joey Agree purchased 3,528 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were purchased at an average cost of $70.63 per share, with a total value of $249,182.64. Following the completion of the transaction, the chief executive officer owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. The trade was a 0.56% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 29,792 shares of company stock valued at $2,100,408. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of ADC. Nuveen LLC purchased a new position in Agree Realty in the first quarter worth $64,759,000. Westwood Holdings Group Inc. purchased a new position in Agree Realty during the 2nd quarter worth $65,376,000. Norges Bank acquired a new position in Agree Realty during the 2nd quarter valued at about $65,030,000. JPMorgan Chase & Co. raised its stake in Agree Realty by 65.6% in the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after buying an additional 799,185 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. raised its stake in Agree Realty by 311.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 838,570 shares of the real estate investment trust’s stock valued at $59,572,000 after buying an additional 634,520 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

About Agree Realty

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.