Agree Realty Co. (NYSE:ADC) Receives $65.61 Consensus Price Target from Analysts

Agree Realty Co. (NYSE:ADC) has received an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $65.61.

A number of brokerages recently weighed in on ADC. BMO Capital Markets began coverage on shares of Agree Realty in a report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective for the company. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, March 8th. Truist Financial reduced their price target 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. Wells Fargo & Company reduced their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. Finally, Mizuho reduced their price objective on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. bought 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the transaction, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now directly owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 42,482 shares of company stock worth $2,397,572. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ADC. HBC Financial Services PLLC purchased a new position in shares of Agree Realty in the fourth quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. raised its holdings in Agree Realty by 7,150.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 429 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Agree Realty by 267.1% in the fourth quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 430 shares in the last quarter. CWM LLC raised its holdings in Agree Realty by 117.3% during the third quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 393 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new stake in Agree Realty during the fourth quarter worth approximately $44,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $56.79 on Tuesday. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26. The stock has a market capitalization of $5.71 billion, a P/E ratio of 33.21, a PEG ratio of 2.64 and a beta of 0.52. The firm has a fifty day simple moving average of $56.87 and a two-hundred day simple moving average of $58.14. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a yield of 5.28%. Agree Realty’s dividend payout ratio is currently 173.10%.

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.