Agree Realty (NYSE:ADC) PT Raised to $77.00 at Wells Fargo & Company

Agree Realty (NYSE:ADC) had its price target boosted by Wells Fargo & Company from $75.00 to $77.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

ADC has been the subject of several other reports. Raymond James raised their price objective on Agree Realty from $70.00 to $81.00 and gave the company a strong-buy rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised their price objective on Agree Realty from $63.00 to $70.00 and gave the company an outperform rating in a research note on Thursday, July 25th. BTIG Research raised their price objective on Agree Realty from $65.00 to $74.00 and gave the company a buy rating in a research note on Monday, August 12th. Stifel Nicolaus raised their price objective on Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research note on Wednesday, July 24th. Finally, Mizuho raised their price objective on Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research note on Friday, May 10th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $70.42.

Agree Realty Price Performance

NYSE:ADC opened at $72.68 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 market capitalization of $7.31 billion, a P/E ratio of 42.75, 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 $73.30. The business’s 50-day moving average is $66.96 and its 200 day moving average is $61.12.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 earnings per share. On average, equities research analysts forecast that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.13%. Agree Realty’s payout ratio is 176.47%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of ADC. Pathway Financial Advisers LLC increased its holdings in Agree Realty by 3.2% during the 2nd quarter. Pathway Financial Advisers LLC now owns 13,319 shares of the real estate investment trust’s stock worth $824,000 after purchasing an additional 409 shares during the period. Systematic Financial Management LP increased its holdings in Agree Realty by 0.6% during the 2nd quarter. Systematic Financial Management LP now owns 286,868 shares of the real estate investment trust’s stock worth $17,769,000 after purchasing an additional 1,609 shares during the period. Creative Planning increased its holdings in Agree Realty by 86.8% during the 2nd quarter. Creative Planning now owns 56,819 shares of the real estate investment trust’s stock worth $3,519,000 after purchasing an additional 26,398 shares during the period. Algert Global LLC purchased a new position in Agree Realty during the 2nd quarter worth $628,000. Finally, Duff & Phelps Investment Management Co. purchased a new position in Agree Realty during the 2nd quarter worth $372,000. 97.83% of the stock is currently 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.