Agree Realty Corporation (NYSE:ADC) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Agree Realty Corporation (NYSE:ADC) has received a consensus recommendation of "Moderate Buy" from 15 brokerages, with an average target price of $80.6250.
• Insider purchasing activity has been noted, with Craig Erlich acquiring 360 shares and Greg Lehmkuhl buying 750 shares recently, reflecting a positive sentiment among company insiders.
• The company reported a 15% increase in revenue year-over-year, with earnings per share of $1.06 for the last quarter, exceeding analyst estimates.

Agree Realty Corporation (NYSE:ADC - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fifteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $80.6250.

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

Agree Realty Stock Performance

Shares of ADC stock opened at $72.09 on Friday. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65. The company's fifty day simple moving average is $72.20 and its 200-day simple moving average is $73.71. The firm has a market cap of $7.98 billion, a PE ratio of 42.91, a P/E/G ratio of 2.30 and a beta of 0.55. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating 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 firm earned $1.04 earnings per share. The firm's revenue for the quarter 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. Equities research analysts expect that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be paid a $0.256 dividend. This represents a yield of 432.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty's dividend payout ratio (DPR) is 182.74%.

Insiders Place Their Bets

In other Agree Realty news, insider Craig Erlich bought 360 shares of the firm's stock in a transaction that occurred on Friday, October 3rd. The shares were acquired at an average cost of $70.84 per share, with a total value of $25,502.40. Following the acquisition, the insider owned 52,846 shares of the company's stock, valued at $3,743,610.64. The trade was a 0.69% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was acquired at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director owned 27,684 shares in the company, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The disclosure for this purchase can be found here. Insiders bought 36,742 shares of company stock worth $2,601,704 in the last three months. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Agree Realty

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Agree Realty by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust's stock worth $1,119,037,000 after buying an additional 403,048 shares during the last quarter. State Street Corp lifted its position in Agree Realty by 7.1% during the second quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust's stock worth $422,629,000 after acquiring an additional 381,438 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Agree Realty by 6.8% during the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust's stock worth $205,489,000 after acquiring an additional 170,827 shares during the period. Centersquare Investment Management LLC grew its position in shares of Agree Realty by 10.7% in the first quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock valued at $187,723,000 after purchasing an additional 234,641 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Agree Realty by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock valued at $180,487,000 after purchasing an additional 353,884 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Company Profile

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.

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