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

Shares of Agree Realty Corporation (NYSE:ADC - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the fifteen research firms that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $80.96.

Several brokerages have recently issued reports on ADC. Robert W. Baird lifted their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. UBS Group dropped their price target on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Truist Financial lifted their price target on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. 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. Finally, BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. GF Fund Management CO. LTD. boosted its position in shares of Agree Realty by 7.2% during the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after buying an additional 132 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares during the period. Carmel Capital Partners LLC boosted its position in shares of Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock valued at $486,000 after buying an additional 167 shares during the period. Private Advisor Group LLC boosted its position in shares of Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock valued at $346,000 after buying an additional 170 shares during the period. Finally, Azzad Asset Management Inc. ADV boosted its position in shares of Agree Realty by 2.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after buying an additional 187 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Price Performance

Shares of ADC stock traded up $1.84 during trading hours on Thursday, hitting $73.90. The stock had a trading volume of 529,957 shares, compared to its average volume of 1,092,248. Agree Realty has a one year low of $61.34 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. The stock's 50-day moving average price is $74.75 and its two-hundred day moving average price is $73.86. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 41.75, a PEG ratio of 2.29 and a beta of 0.54.

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 (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The firm had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. During the same period in the previous year, the firm posted $0.43 earnings per share. Equities analysts forecast that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.256 per share. The ex-dividend date is Monday, June 30th. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

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.