Brokerages Set Agree Realty Corporation (NYSE:ADC) PT at $80.73

Shares of Agree Realty Corporation (NYSE:ADC) have been assigned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $80.7308.

ADC has been the topic of a number of research analyst reports. UBS Group lifted their target price on Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Truist Financial cut their price target on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Evercore ISI boosted their price objective on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Finally, Mizuho reduced their price target on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, September 11th.

Agree Realty Trading Up 1.2%

Shares of Agree Realty stock opened at $73.39 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The company has a fifty day simple moving average of $72.50 and a 200-day simple moving average of $73.48. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 42.92, a PEG ratio of 2.28 and a beta of 0.55. Agree Realty has a 12-month low of $67.58 and a 12-month high of $79.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. During the same period last year, the business earned $1.03 EPS. Agree Realty’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, equities analysts forecast that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty’s dividend payout ratio is currently 183.63%.

Insider Buying and Selling at Agree Realty

In related news, Director John Rakolta, Jr. purchased 25,154 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were purchased at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the completion of the acquisition, the director directly owned 553,700 shares in the company, valued at $38,986,017. This represents a 4.76% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joey Agree purchased 3,528 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The stock was bought at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the transaction, the chief executive officer directly owned 638,688 shares in the company, valued at $45,110,533.44. This trade represents a 0.56% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 36,742 shares of company stock worth $2,601,704 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently modified their holdings of ADC. Cullen Frost Bankers Inc. acquired a new position in Agree Realty in the 1st quarter valued at $27,000. Farther Finance Advisors LLC boosted its holdings 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 valued at $28,000 after acquiring an additional 306 shares in the last quarter. Westside Investment Management Inc. increased its stake in shares of Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 215 shares during the period. SVB Wealth LLC acquired a new position in shares of Agree Realty during the first quarter worth about $33,000. Finally, Cornerstone Planning Group LLC raised its holdings in Agree Realty by 1,513.3% during the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 454 shares in the last quarter. 97.83% of the stock is 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.