Robert W. Baird Raises Agree Realty (NYSE:ADC) Price Target to $80.00

Agree Realty (NYSE:ADC - Free Report) had its target price hoisted by Robert W. Baird from $76.00 to $80.00 in a report issued on Friday,Benzinga reports. Robert W. Baird currently has an outperform rating on the real estate investment trust's stock.

Several other brokerages have also recently commented on ADC. Wells Fargo & Company boosted their price target on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Stifel Nicolaus lifted their target price on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Mizuho boosted their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Finally, Evercore ISI increased their price target on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $80.88.

Agree Realty Stock Performance

ADC stock traded up $0.63 during trading on Friday, hitting $77.70. 531,644 shares of the company's stock traded hands, compared to its average volume of 1,010,349. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty has a 52 week low of $57.02 and a 52 week high of $79.65. The stock has a fifty day moving average price of $75.49 and a two-hundred day moving average price of $74.08. The stock has a market capitalization of $8.55 billion, a price-to-earnings ratio of 43.65, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.

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

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be issued a $0.256 dividend. This represents a dividend yield of 4.1%. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's payout ratio is presently 173.45%.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc increased its position in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after buying an additional 293 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in shares of Agree Realty during the 4th quarter valued at approximately $31,000. Capital Advisors Ltd. LLC grew its holdings in shares of Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 270 shares in the last quarter. Headlands Technologies LLC increased its position in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares during the last quarter. Finally, NBC Securities Inc. purchased a new stake in Agree Realty during the first quarter valued at $39,000. 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.