Agree Realty (NYSE:ADC) Given New $77.00 Price Target at Barclays

Agree Realty (NYSE:ADC - Free Report) had its price target raised by Barclays from $75.00 to $77.00 in a report published on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the real estate investment trust's stock.

Several other research analysts have also recently commented on the company. Robert W. Baird raised their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Royal Bank of Canada cut their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. UBS Group cut their price objective on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Truist Financial lifted their price objective on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. Finally, JMP Securities reissued a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. Six 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $81.19.

Agree Realty Stock Performance

ADC stock traded up $0.53 during midday trading on Wednesday, hitting $75.03. 1,002,913 shares of the company traded hands, compared to its average volume of 1,051,585. Agree Realty has a twelve month low of $58.52 and a twelve month high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The business has a 50 day simple moving average of $75.57 and a 200-day simple moving average of $74.12. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 42.15, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The company had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. During the same period in the prior year, the business earned $0.43 earnings per share. As a group, equities research analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a yield of 4.09%. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is 173.45%.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. lifted its holdings in shares of Agree Realty by 7.2% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after purchasing an additional 132 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after purchasing an additional 139 shares during the period. CIBC Asset Management Inc grew its position in shares of Agree Realty by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after purchasing an additional 153 shares during the period. Carmel Capital Partners LLC grew its position in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock valued at $486,000 after purchasing an additional 167 shares during the period. Finally, UMB Bank n.a. grew its position in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 168 shares during the period. Institutional investors own 97.83% of the company's stock.

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.