Agree Realty Corporation (NYSE:ADC) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Agree Realty Corporation has received a consensus rating of "Moderate Buy" from analysts, with an average 12-month price target set at $80.50.
• CEO Joey Agree purchased 2,100 shares of the company's stock at an average price of $72.08, raising his ownership to over 635,000 shares.
• The company announced a monthly dividend of $0.256 per share, with a 4.2% yield and a payout ratio of 182.74%.

Shares of Agree Realty Corporation (NYSE:ADC - Get Free Report) have been given an average rating of "Moderate Buy" by the fifteen brokerages that are currently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $80.50.

A number of analysts have recently weighed in on ADC shares. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research report on Friday, July 11th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. UBS Group lifted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a report on Friday, August 8th. Finally, Wall Street Zen downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th.

Agree Realty Stock Up 0.9%

Shares of ADC stock traded up $0.64 during mid-day trading on Friday, reaching $72.77. 850,421 shares of the company were exchanged, compared to its average volume of 979,419. Agree Realty has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $8.05 billion, a P/E ratio of 43.32, a P/E/G ratio of 2.41 and a beta of 0.55. The business's 50 day simple moving average is $72.99 and its 200 day simple moving average is $74.25.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. 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 28.16% and a return on equity of 3.47%. The business had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter last year, the company earned $1.04 earnings per share. The business's quarterly revenue was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Research analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.256 dividend. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, August 29th. Agree Realty's payout ratio is currently 182.74%.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree acquired 4,108 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was purchased at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the acquisition, the chief executive officer directly owned 633,060 shares in the company, valued at $45,675,279. This trade represents a 0.65% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have acquired a total of 6,950 shares of company stock valued at $501,296 over the last three months. Insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds have recently added to or reduced their stakes in the business. Orion Porfolio Solutions LLC boosted its holdings in Agree Realty by 0.9% in the second quarter. Orion Porfolio Solutions LLC now owns 26,280 shares of the real estate investment trust's stock worth $1,920,000 after purchasing an additional 222 shares during the period. Squarepoint Ops LLC lifted its stake in Agree Realty by 69.5% in the second quarter. Squarepoint Ops LLC now owns 96,510 shares of the real estate investment trust's stock valued at $7,051,000 after buying an additional 39,575 shares during the last quarter. TT Capital Management LLC bought a new stake in Agree Realty in the second quarter valued at $236,000. Pathway Financial Advisers LLC lifted its stake in Agree Realty by 3.8% in the second quarter. Pathway Financial Advisers LLC now owns 17,784 shares of the real estate investment trust's stock valued at $1,299,000 after buying an additional 645 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new stake in Agree Realty in the second quarter valued at $65,376,000. Institutional investors and hedge funds 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.