Agree Realty Corporation (NYSE:ADC) Given Average Rating of “Moderate Buy” by Analysts

Shares of Agree Realty Corporation (NYSE:ADC) have earned an average rating of “Moderate Buy” from the fourteen analysts that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $80.3182.

A number of research analysts have recently weighed in on the stock. Truist Financial dropped their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Royal Bank Of Canada raised their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Wells Fargo & Company boosted their price target on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Mizuho reduced their price objective on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Finally, KeyCorp lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th.

Agree Realty Trading Up 0.2%

NYSE:ADC opened at $72.51 on Thursday. Agree Realty has a 52-week low of $67.58 and a 52-week high of $79.65. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $73.35 and a 200-day simple moving average of $72.91. The company has a market capitalization of $8.33 billion, a PE ratio of 42.40, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54.

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

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.262 per share. The ex-dividend date is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty’s payout ratio is 183.63%.

Insider Activity

In other news, CEO Joey Agree bought 3,528 shares of the stock in a transaction on Thursday, October 2nd. The stock was purchased at an average cost of $70.63 per share, with a total value of $249,182.64. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Craig Erlich purchased 360 shares of Agree Realty stock in a transaction on Friday, October 3rd. The shares were acquired at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider owned 52,846 shares in the company, valued at approximately $3,743,610.64. This trade represents a 0.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 44,042 shares of company stock valued at $3,128,478 over the last 90 days. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Agree Realty by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock worth $1,111,533,000 after buying an additional 329,892 shares during the last quarter. State Street Corp lifted its holdings in shares of Agree Realty by 0.5% during the 3rd quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust’s stock worth $412,954,000 after acquiring an additional 27,546 shares during the period. Centersquare Investment Management LLC boosted its position in shares of Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after acquiring an additional 51,269 shares during the last quarter. Geode Capital Management LLC grew its holdings in Agree Realty by 6.8% in the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock valued at $205,489,000 after purchasing an additional 170,827 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in Agree Realty by 0.7% during the third quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock worth $167,825,000 after purchasing an additional 15,389 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 (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.