Agree Realty (NYSE:ADC) Given a $77.00 Price Target by Barclays Analysts

Barclays set a $77.00 price objective on Agree Realty (NYSE:ADC - Free Report) in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has an equal weight rating on the real estate investment trust's stock.

Other equities research analysts have also issued reports about the company. Truist Financial lifted their price target on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Robert W. Baird raised their price objective on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Wells Fargo & Company upped their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. UBS Group decreased their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Evercore ISI lifted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus target price of $81.19.

Agree Realty Price Performance

Shares of Agree Realty stock traded up $0.53 on Wednesday, hitting $75.03. 1,002,913 shares of the company traded hands, compared to its average volume of 1,053,770. The company has a market cap of $8.25 billion, a P/E ratio of 42.15, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty has a 12-month low of $58.52 and a 12-month high of $79.65. The firm's 50-day simple moving average is $75.57 and its 200 day simple moving average is $74.12.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the previous year, the firm posted $0.43 earnings per share. Analysts expect that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.256 dividend. This represents a $3.07 annualized dividend and a dividend yield of 4.09%. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's dividend payout ratio is presently 173.45%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Agree Realty by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust's stock worth $1,151,183,000 after purchasing an additional 363,681 shares during the period. Cohen & Steers Inc. boosted its holdings in Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after buying an additional 2,937,147 shares in the last quarter. JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after buying an additional 990,362 shares during the period. Centersquare Investment Management LLC increased its holdings in 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 buying an additional 234,641 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after buying an additional 1,020,512 shares in the last quarter. Hedge funds and other 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.