Agree Realty (NYSE:ADC) Price Target Raised to $74.00 at BTIG Research

Agree Realty (NYSE:ADC) had its target price boosted by BTIG Research from $65.00 to $74.00 in a research note issued to investors on Monday morning, Benzinga reports. BTIG Research currently has a buy rating on the real estate investment trust’s stock.

ADC has been the subject of a number of other reports. Mizuho raised their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research note on Friday, May 10th. KeyCorp assumed coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They set an overweight rating and a $68.00 price objective for the company. UBS Group raised their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Truist Financial raised their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a buy rating in a research note on Monday, August 5th. Finally, Stifel Nicolaus raised their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $68.29.

Agree Realty Trading Down 0.3 %

NYSE:ADC opened at $71.85 on Monday. 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 company has a 50-day moving average price of $64.72 and a 200-day moving average price of $60.21. The stock has a market cap of $7.23 billion, a price-to-earnings ratio of 42.26, a P/E/G ratio of 2.80 and a beta of 0.58. Agree Realty has a 12 month low of $52.69 and a 12 month high of $73.20.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 earnings per share. Equities analysts predict that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.18%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl purchased 1,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were acquired at an average price of $58.99 per share, with a total value of $58,990.00. Following the completion of the acquisition, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of ADC. Long Pond Capital LP increased its position in Agree Realty by 489.8% in 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 purchasing an additional 2,382,252 shares during the last quarter. Norges Bank bought a new stake in Agree Realty in the fourth quarter worth $71,409,000. PGGM Investments bought a new stake in Agree Realty in the second quarter worth $70,225,000. Principal Financial Group Inc. increased its position in Agree Realty by 12.1% in the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after purchasing an additional 719,430 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

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.