Mizuho Cuts Agree Realty (NYSE:ADC) Price Target to $78.00

Agree Realty (NYSE:ADC - Free Report) had its target price lowered by Mizuho from $81.00 to $78.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust's stock.

ADC has been the topic of several other reports. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Stifel Nicolaus lifted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Robert W. Baird raised their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Finally, Barclays set a $77.00 price target on shares of Agree Realty and gave the company an "equal weight" rating in a research note on Wednesday, May 21st. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.96.

Agree Realty Price Performance

ADC stock traded down $0.85 during trading on Monday, hitting $73.70. 1,108,884 shares of the stock traded hands, compared to its average volume of 1,071,091. Agree Realty has a one year low of $60.42 and a one year high of $79.65. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of 41.40, a P/E/G ratio of 2.88 and a beta of 0.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a 50 day simple moving average of $75.46 and a 200 day simple moving average of $73.91.

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

Agree Realty Dividend Announcement

The company also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued 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 173.45%.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of ADC. Van ECK Associates Corp boosted its position in Agree Realty by 3.5% during the fourth quarter. Van ECK Associates Corp now owns 43,552 shares of the real estate investment trust's stock valued at $3,068,000 after purchasing an additional 1,493 shares in the last quarter. Asset Management One Co. Ltd. increased its position in shares of Agree Realty by 0.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 201,602 shares of the real estate investment trust's stock valued at $14,173,000 after buying an additional 509 shares in the last quarter. Blue Trust Inc. increased its position in shares of Agree Realty by 57.3% in the fourth quarter. Blue Trust Inc. now owns 4,913 shares of the real estate investment trust's stock valued at $346,000 after buying an additional 1,790 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Agree Realty by 2.7% in the fourth quarter. Rhumbline Advisers now owns 318,379 shares of the real estate investment trust's stock worth $22,430,000 after acquiring an additional 8,276 shares during the last quarter. Finally, Principal Securities Inc. boosted its stake in shares of Agree Realty by 26.2% in the fourth quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 237 shares during 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.