Agree Realty Corporation (NYSE:ADC) Stock Has Average Target Price of $79.85 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: Seventeen analysts give Agree Realty a consensus “Moderate Buy” rating, with an average 1-year price target of $79.85. Recent broker updates included cuts to price targets and some rating downgrades.
• Quarterly results exceeded estimates: Agree Realty reported EPS of $1.15 versus the $0.47 consensus and revenue of $213.88 million, up 16.7% year over year. Shares recently traded at $69.23.
• The REIT declared a monthly dividend of $0.271 per share, equivalent to an annualized yield of 4.7%; insiders also bought shares during the quarter.

Agree Realty Corporation (NYSE:ADC - Get Free Report) has earned a consensus rating of "Moderate Buy" from the seventeen analysts that are covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $79.85.

ADC has been the topic of a number of recent research reports. Citigroup lowered their price target on shares of Agree Realty from $82.50 to $72.00 and set a "neutral" rating on the stock in a research report on Friday, October 23rd. Weiss Ratings cut shares of Agree Realty from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, October 20th. Robert W. Baird cut their target price on Agree Realty from $77.00 to $76.00 and set an "outperform" rating on the stock in a report on Wednesday, October 21st. Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, October 24th. Finally, Wells Fargo & Company lowered their price objective on shares of Agree Realty from $83.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday, October 19th.

Agree Realty Stock Up 0.2%

NYSE ADC traded up $0.13 during trading on Friday, hitting $69.23. The stock had a trading volume of 1,926,334 shares, compared to its average volume of 1,727,938. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.01 and a current ratio of 1.01. The company's 50-day moving average price is $67.94 and its two-hundred day moving average price is $74.33. The company has a market capitalization of $9.01 billion, a PE ratio of 35.69, a P/E/G ratio of 3.06 and a beta of 0.40. Agree Realty has a 12 month low of $64.34 and a 12 month high of $82.08.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.68. The company had revenue of $213.88 million for the quarter, compared to analysts' expectations of $211.52 million. Agree Realty had a return on equity of 4.00% and a net margin of 29.75%. The business's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 EPS. As a group, sell-side analysts forecast that Agree Realty will post 4.45 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 14th. Shareholders of record on Monday, November 30th will be paid a dividend of $0.2710 per share. This represents a $3.25 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, November 30th. Agree Realty's payout ratio is 167.53%.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree purchased 7,360 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The shares were acquired at an average price of $68.06 per share, with a total value of $500,921.60. Following the transaction, the chief executive officer owned 682,465 shares in the company, valued at $46,448,567.90. The trade was a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Erlich bought 1,000 shares of the company's stock in a transaction dated Monday, September 21st. The stock was bought at an average price of $67.55 per share, for a total transaction of $67,550.00. Following the acquisition, the insider directly owned 60,388 shares of the company's stock, valued at approximately $4,079,209.40. This represents a 1.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 48,496 shares of company stock worth $3,418,670 in the last quarter. Insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of ADC. CX Institutional lifted its position in shares of Agree Realty by 852.2% during the third quarter. CX Institutional now owns 438 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 392 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in shares of Agree Realty by 172.2% in the third quarter. Elevation Wealth Partners LLC now owns 430 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 272 shares during the period. Wealth Enhancement Trust Services Inc. bought a new position in shares of Agree Realty in the third quarter worth $32,000. Clearstead Trust LLC purchased a new position in shares of Agree Realty in the second quarter valued at $33,000. Finally, Gables Capital Management Inc. bought a new stake in shares of Agree Realty during the 2nd quarter valued at $45,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Company Profile

Agree Realty Corporation is a real estate investment trust (REIT) focused on acquiring, developing and managing net-leased properties, primarily occupied by retail businesses. Its portfolio includes freestanding stores and other properties leased to national and regional retailers. Under net leases, tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance, while Agree Realty owns the real estate and collects rent. The company's properties are located across the United States.

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