Brokerages Set Agree Realty Corporation (NYSE:ADC) Price Target at $80.32

Agree Realty Corporation (NYSE:ADC) has been assigned an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $80.3182.

Several brokerages recently commented on ADC. KeyCorp raised their price objective on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Stifel Nicolaus set a $83.50 price target on Agree Realty in a report on Tuesday, November 25th. Evercore ISI cut their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Barclays boosted their price objective on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Finally, Mizuho dropped their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $72.37 on Thursday. The firm’s 50 day simple moving average is $73.41 and its 200 day simple moving average is $72.94. Agree Realty has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 42.32, a P/E/G ratio of 2.36 and a beta of 0.54. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The business’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, sell-side analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 183.63%.

Insider Buying and Selling

In related news, CEO Joey Agree bought 3,528 shares of Agree Realty stock in a transaction that occurred on Thursday, October 2nd. The stock was purchased at an average cost of $70.63 per share, with a total value of $249,182.64. Following the purchase, the chief executive officer owned 638,688 shares in the company, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 25,154 shares of the stock in a transaction on Tuesday, October 7th. The shares were purchased at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the acquisition, the director owned 553,700 shares in the company, valued at approximately $38,986,017. This represents a 4.76% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 29,042 shares of company stock valued at $2,045,778. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of the company. AE Wealth Management LLC boosted its position in Agree Realty by 3.5% during the 3rd quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust’s stock worth $331,000 after acquiring an additional 156 shares during the last quarter. IFP Advisors Inc boosted its holdings in Agree Realty by 18.2% during the third quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 171 shares during the last quarter. QRG Capital Management Inc. grew its position in Agree Realty by 5.4% in the third quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust’s stock valued at $241,000 after purchasing an additional 174 shares in the last quarter. HighPoint Advisor Group LLC increased its stake in Agree Realty by 5.8% in the 3rd quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock valued at $225,000 after buying an additional 174 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its position in Agree Realty by 3.4% during the 2nd quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust’s stock worth $454,000 after buying an additional 204 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.