Agree Realty (NYSE:ADC) Price Target Increased to $76.00 by Analysts at Robert W. Baird

Agree Realty (NYSE:ADC) had its target price hoisted by Robert W. Baird from $67.00 to $76.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on ADC. Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. UBS Group boosted their target price on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. KeyCorp raised their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. BTIG Research upped their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Truist Financial raised their target price on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $74.04.

Agree Realty Stock Down 0.8 %

Agree Realty stock opened at $73.88 on Tuesday. The stock has a market cap of $7.43 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a twelve month low of $52.69 and a twelve month high of $77.47. The company’s 50-day moving average price is $74.58 and its two-hundred day moving average price is $66.85.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the business earned $1.00 EPS. As a group, analysts expect that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is 178.24%.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MCF Advisors LLC purchased a new position in Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty in the 3rd quarter valued at $75,000. 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.