Agree Realty (NYSE:ADC) Given New $80.00 Price Target at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its target price increased by Royal Bank of Canada from $79.00 to $80.00 in a report published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued research reports about the stock. BTIG Research increased their target price 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. KeyCorp lifted their target price 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. UBS Group increased their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $73.88.

Agree Realty Trading Up 0.0 %

ADC stock opened at $75.03 on Thursday. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $74.53 and its 200-day moving average is $66.66. The firm has a market cap of $7.55 billion, a P/E ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61.

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

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is currently 178.24%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Agree Realty by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after purchasing an additional 258,217 shares during the last quarter. Long Pond Capital LP boosted its holdings in Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after buying an additional 2,382,252 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after buying an additional 76,818 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Agree Realty by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after acquiring an additional 43,768 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.