Agree Realty Co. (NYSE:ADC) Given Consensus Recommendation of “Moderate Buy” by Analysts

Agree Realty Co. (NYSE:ADC) has been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $65.61.

Several equities research analysts have weighed in on ADC shares. Wells Fargo & Company cut their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. Stifel Nicolaus decreased their target price on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Truist Financial dropped their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. BMO Capital Markets assumed coverage on shares of Agree Realty in a report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target on the stock. Finally, Royal Bank of Canada dropped their price objective on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th.

Insiders Place Their Bets

In related news, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Joey Agree purchased 3,500 shares of Agree Realty stock in a transaction on Wednesday, February 21st. The shares were purchased at an average price of $56.92 per share, for a total transaction of $199,220.00. Following the transaction, the chief executive officer now owns 561,403 shares of the company’s stock, valued at approximately $31,955,058.76. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction on Thursday, February 29th. The stock was bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders bought a total of 42,482 shares of company stock valued at $2,397,572 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Institutional investors and hedge funds have recently made changes to their positions in the business. HBC Financial Services PLLC bought a new stake in shares of Agree Realty during the 4th quarter valued at about $31,000. Lindbrook Capital LLC boosted its position in shares of Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 430 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 512 shares in the last quarter. CWM LLC boosted its position in shares of Agree Realty by 117.3% during the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 393 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its position in shares of Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 364 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $58.79 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $5.92 billion, a PE ratio of 34.58, a PEG ratio of 2.64 and a beta of 0.52. The firm has a 50 day moving average of $56.72 and a 200-day moving average of $58.37. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.26.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 176.47%.

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.