Analysts Set Agree Realty Corporation (NYSE:ADC) Price Target at $80.50

Shares of Agree Realty Corporation (NYSE:ADC) have been given a consensus rating of “Moderate Buy” by the fourteen research firms that are presently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $80.50.

ADC has been the subject of a number of research analyst reports. Truist Financial cut their price target on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. Barclays increased their target price on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Mizuho decreased their price target on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Stifel Nicolaus upped their price target on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, Evercore reduced their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $79.20 on Friday. Agree Realty has a 1 year low of $68.98 and a 1 year high of $79.65. The firm has a market cap of $9.51 billion, a P/E ratio of 44.75, a PEG ratio of 2.77 and a beta of 0.54. The stock has a fifty day moving average price of $72.87 and a two-hundred day moving average price of $72.94. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.262 dividend. The ex-dividend date is Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio (DPR) is 177.40%.

Insiders Place Their Bets

In other news, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average cost of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the transaction, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard Agree purchased 24,000 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the transaction, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 39,500 shares of company stock worth $2,813,680. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of ADC. Clearstead Trust LLC lifted its stake in Agree Realty by 192.1% in the 4th quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 242 shares in the last quarter. Westside Investment Management Inc. increased its holdings in shares of Agree Realty by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 215 shares during the period. Wiser Advisor Group LLC purchased a new stake in shares of Agree Realty in the third quarter worth approximately $32,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of Agree Realty by 71.1% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 192 shares during the period. Finally, Clearstead Advisors LLC grew its position in Agree Realty by 163.8% during the fourth quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 285 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.