Evercore ISI Raises Agree Realty (NYSE:ADC) Price Target to $85.00

Key Points

• Evercore ISI raised its price target for Agree Realty's stock from $83.00 to $85.00, indicating a potential upside of 15.72% from its current price.
• Despite the positive outlook from Evercore, other analysts have mixed ratings, with Morgan Stanley downgrading the stock to an "equal weight" with a target of $75.00.
• Insider activity includes CEO Joey Agree purchasing 4,108 shares at an average cost of $72.15, indicating confidence in the company's future performance.

Agree Realty (NYSE:ADC - Free Report) had its price objective raised by Evercore ISI from $83.00 to $85.00 in a research report report published on Monday morning, Marketbeat.com reports. The firm currently has an outperform rating on the real estate investment trust's stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective for the company. in a research report on Friday, July 11th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research report on Friday, August 8th. Barclays cut their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 20th. Mizuho cut their price objective on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. Finally, UBS Group upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.58.

Agree Realty Stock Down 0.3%

Shares of Agree Realty stock traded down $0.25 during trading hours on Monday, hitting $71.29. The company had a trading volume of 370,241 shares, compared to its average volume of 1,154,031. The company's 50-day moving average is $72.76 and its two-hundred day moving average is $74.26. Agree Realty has a twelve month low of $67.58 and a twelve month high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $7.89 billion, a P/E ratio of 42.43, a price-to-earnings-growth ratio of 2.41 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The business had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The company's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be given a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 430.0%. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the acquisition, the director owned 27,684 shares of the company's stock, valued at approximately $2,016,502.56. This represents a 2.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joey Agree purchased 2,100 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the acquisition, the chief executive officer directly owned 635,160 shares of the company's stock, valued at $45,782,332.80. This trade represents a 0.33% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 7,700 shares of company stock worth $555,926 over the last three months. Corporate insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Orion Porfolio Solutions LLC raised its holdings in Agree Realty by 0.9% in the second quarter. Orion Porfolio Solutions LLC now owns 26,280 shares of the real estate investment trust's stock valued at $1,920,000 after buying an additional 222 shares during the period. Squarepoint Ops LLC raised its holdings in Agree Realty by 69.5% in the second quarter. Squarepoint Ops LLC now owns 96,510 shares of the real estate investment trust's stock valued at $7,051,000 after buying an additional 39,575 shares during the period. TT Capital Management LLC purchased a new position in Agree Realty in the second quarter valued at approximately $236,000. Pathway Financial Advisers LLC raised its holdings in Agree Realty by 3.8% in the second quarter. Pathway Financial Advisers LLC now owns 17,784 shares of the real estate investment trust's stock valued at $1,299,000 after buying an additional 645 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new position in Agree Realty in the second quarter valued at approximately $65,376,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

About Agree Realty

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.