Agree Realty Co. (NYSE:ADC) Given Consensus Rating of "Moderate Buy" by Analysts

Agree Realty Co. (NYSE:ADC - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $81.04.

A number of research analysts recently weighed in on ADC shares. StockNews.com lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, May 11th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Friday. Truist Financial boosted their price objective on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th.

Agree Realty Stock Performance

ADC traded up $0.05 during trading hours on Wednesday, hitting $74.97. The stock had a trading volume of 91,446 shares, compared to its average volume of 1,041,795. Agree Realty has a 1 year low of $58.52 and a 1 year high of $79.65. The company's fifty day simple moving average is $75.69 and its 200 day simple moving average is $74.08. The stock has a market cap of $8.25 billion, a PE ratio of 42.12, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same quarter last year, the business earned $0.43 earnings per share. Equities analysts anticipate that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.256 dividend. This represents a $3.07 annualized dividend and a dividend yield of 4.10%. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's payout ratio is presently 173.45%.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Agree Realty by 129.4% during the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust's stock worth $18,062,000 after purchasing an additional 135,274 shares during the period. Franklin Resources Inc. raised its position in Agree Realty by 8.2% during the 3rd quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust's stock valued at $4,917,000 after purchasing an additional 5,039 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the period. Community Trust & Investment Co. grew its position in shares of Agree Realty by 2.7% in the 4th quarter. Community Trust & Investment Co. now owns 48,992 shares of the real estate investment trust's stock worth $3,451,000 after buying an additional 1,275 shares during the last quarter. Finally, Rockland Trust Co. purchased a new position in shares of Agree Realty during the fourth quarter valued at approximately $213,000. 97.83% of the stock is currently owned by institutional investors.

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.