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

Key Points

• Analysts give Agree Realty a consensus "Moderate Buy" rating (15 analysts: 8 buy, 6 hold, 1 strong buy) with an average 12‑month target of $83.21.
• Agree Realty declared a monthly dividend of $0.262 payable April 15, implying a ~4.1% yield and a high payout ratio of 177.4%.
• Insiders increased stakes recently: Chairman Richard Agree bought 24,000 shares at $70.67 (≈$1.70M), and insiders purchased 24,646 shares totaling about $1.74M in the last quarter.

Shares of Agree Realty Corporation (NYSE:ADC - Get Free Report) have received an average rating of "Moderate Buy" from the fifteen analysts that are covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $83.2083.

Several equities research analysts have issued reports on the stock. Evercore lowered their target price on shares of Agree Realty from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Monday, December 15th. Barclays increased their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an "equal weight" rating in a research report on Friday, March 13th. Raymond James Financial boosted their price target on shares of Agree Realty from $84.00 to $90.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, March 17th. Truist Financial upped their price objective on shares of Agree Realty from $79.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, March 23rd. Finally, Weiss Ratings downgraded shares of Agree Realty from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, March 19th.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $76.63 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. Agree Realty has a 1 year low of $68.98 and a 1 year high of $82.08. The firm has a market capitalization of $9.20 billion, a PE ratio of 43.30, a P/E/G ratio of 2.58 and a beta of 0.53. The business's 50 day moving average price is $77.07 and its 200-day moving average price is $74.18.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.262 dividend. This represents a c) annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Agree Realty's dividend payout ratio (DPR) is currently 177.40%.

Insider Buying and Selling

In related news, Chairman Richard Agree acquired 24,000 shares of the stock in a transaction on Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the purchase, the chairman owned 159,855 shares of the company's stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter Coughenour bought 500 shares of the company's stock in a transaction on Friday, January 9th. The stock was bought at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares in the company, valued at $1,294,371.20. This represents a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 24,646 shares of company stock worth $1,742,031. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently bought and sold shares of ADC. J. Derek Lewis & Associates Inc. acquired a new position in Agree Realty in the 4th quarter valued at about $497,000. Hsbc Holdings PLC increased its holdings in shares of Agree Realty by 25.5% during the 4th quarter. Hsbc Holdings PLC now owns 295,693 shares of the real estate investment trust's stock worth $21,299,000 after buying an additional 60,159 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Agree Realty by 25.0% during the 4th quarter. Corient Private Wealth LLC now owns 7,298 shares of the real estate investment trust's stock valued at $526,000 after buying an additional 1,458 shares during the period. Pure Financial Advisors LLC purchased a new stake in shares of Agree Realty during the 4th quarter valued at approximately $244,000. Finally, Compound Planning Inc. lifted its holdings in Agree Realty by 18.2% in the fourth quarter. Compound Planning Inc. now owns 4,177 shares of the real estate investment trust's stock valued at $301,000 after acquiring an additional 643 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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