Mizuho Issues Positive Forecast for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its price target increased by Mizuho from $74.00 to $81.00 in a report issued on Thursday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Several other research firms have also commented on ADC. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price on the stock. Wells Fargo & Company boosted their target price on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Evercore ISI started coverage on shares of Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price for the company. Stifel Nicolaus lowered their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.38.

Agree Realty Stock Performance

NYSE:ADC opened at $76.60 on Thursday. Agree Realty has a 52-week low of $54.78 and a 52-week high of $78.39. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average is $74.17 and its 200 day moving average is $73.95.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Research analysts predict that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is presently 170.22%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Agree Realty by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock valued at $1,025,044,000 after purchasing an additional 219,806 shares in the last quarter. Cohen & Steers Inc. grew its stake in shares of Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after buying an additional 2,937,147 shares during the last quarter. JPMorgan Chase & Co. increased its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after buying an additional 990,362 shares in the last quarter. Invesco Ltd. raised its stake in Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after buying an additional 1,020,512 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Agree Realty by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust’s stock worth $150,255,000 after acquiring an additional 57,492 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.