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

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

A number of brokerages have weighed in on ADC. Evercore ISI reduced their price target on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Truist Financial reduced their target price 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. Mizuho lowered their price target on Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Finally, Barclays upped their price objective 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.

Insider Buying and Selling at Agree Realty

In other news, Director John Rakolta, Jr. bought 25,154 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The shares were acquired at an average cost of $70.41 per share, with a total value of $1,771,093.14. Following the transaction, the director owned 553,700 shares of the company’s stock, valued at $38,986,017. This represents a 4.76% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Craig Erlich bought 360 shares of Agree Realty stock in a transaction that occurred on Friday, October 3rd. The stock was purchased at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the acquisition, the insider directly owned 52,846 shares of the company’s stock, valued at $3,743,610.64. The trade was a 0.69% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 29,042 shares of company stock worth $2,045,778 in the last quarter. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Agree Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in shares of Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the period. Westside Investment Management Inc. raised its holdings in Agree Realty by 100.0% in the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 215 shares during the period. Wiser Advisor Group LLC purchased a new position in Agree Realty in the third quarter valued at approximately $32,000. SVB Wealth LLC acquired a new position in Agree Realty during the first quarter valued at approximately $33,000. Finally, Cornerstone Planning Group LLC grew its stake 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 buying an additional 454 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $72.40 on Thursday. The company has a 50-day simple moving average of $73.51 and a 200-day simple moving average of $72.97. 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 cap of $8.32 billion, a PE ratio of 42.34, a price-to-earnings-growth ratio of 2.34 and a beta of 0.54. 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 data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating 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 business had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same quarter in the prior year, the firm posted $1.03 earnings per share. The company’s quarterly revenue 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 anticipate that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

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

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.