Agree Realty Co. (NYSE:ADC) Receives Consensus Rating of "Moderate Buy" from Brokerages

Shares of Agree Realty Co. (NYSE:ADC - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $81.19.

Several research firms recently commented on ADC. Wall Street Zen upgraded Agree Realty from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Wells Fargo & Company lifted their price target on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Stifel Nicolaus boosted their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Finally, Truist Financial boosted their target price on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, May 5th.

Agree Realty Price Performance

Shares of NYSE ADC traded down $0.25 during midday trading on Friday, reaching $74.49. 784,644 shares of the stock traded hands, compared to its average volume of 1,068,530. The company's 50 day moving average is $75.25 and its 200 day moving average is $74.01. Agree Realty has a one year low of $60.05 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $8.19 billion, a PE ratio of 41.85, a P/E/G ratio of 2.88 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business 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. On average, equities research 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 jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.256 per share. This represents a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, June 30th. Agree Realty's dividend payout ratio is presently 173.45%.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of the stock. Invst LLC bought a new stake in shares of Agree Realty during the first quarter valued at approximately $765,000. Strs Ohio bought a new position in Agree Realty in the first quarter worth approximately $12,056,000. Jane Street Group LLC raised its stake in Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust's stock worth $2,112,000 after buying an additional 19,948 shares in the last quarter. Bayforest Capital Ltd bought a new position in Agree Realty in the first quarter worth approximately $269,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Agree Realty by 3.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust's stock worth $56,628,000 after buying an additional 26,202 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

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.