Agree Realty (NYSE:ADC) Price Target Raised to $83.00

Agree Realty (NYSE:ADC) had its price objective increased by Wells Fargo & Company from $81.00 to $83.00 in a research report report published on Tuesday morning, Marketbeat.com reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

ADC has been the topic of several other reports. Evercore ISI lifted their price objective on Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. UBS Group raised their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Barclays cut their price target 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. Royal Bank Of Canada raised their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Finally, Truist Financial dropped their target price on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Nine research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.21.

Agree Realty Stock Performance

Agree Realty stock opened at $75.24 on Tuesday. Agree Realty has a 12-month low of $67.58 and a 12-month high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $8.65 billion, a price-to-earnings ratio of 44.00, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. The firm’s fifty day moving average price is $72.96 and its 200 day moving average price is $73.23.

Agree Realty (NYSE:ADC) last announced 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. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. During the same period last year, the firm earned $1.03 earnings per share. The company’s revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, research analysts forecast that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, November 28th. Agree Realty’s dividend payout ratio is 183.63%.

Insider Buying and Selling at Agree Realty

In related news, Director Greg Lehmkuhl bought 750 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the purchase, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 25,154 shares of the stock in a transaction dated Tuesday, October 7th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 29,792 shares of company stock valued at $2,100,408. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently made changes to their positions in ADC. Nuveen LLC acquired a new stake in Agree Realty in the 1st quarter valued at approximately $64,759,000. Westwood Holdings Group Inc. acquired a new position in shares of Agree Realty during the second quarter valued at $65,376,000. Norges Bank bought a new stake in shares of Agree Realty during the second quarter valued at about $65,030,000. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 65.6% during 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 purchasing an additional 799,185 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. lifted its holdings 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 worth $59,572,000 after purchasing an additional 634,520 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.