Agree Realty (NYSE:ADC) Stock Rating Upgraded by UBS Group

UBS Group upgraded shares of Agree Realty (NYSE:ADC) from a neutral rating to a buy rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have $84.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $79.00.

A number of other equities analysts have also issued reports on the stock. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, December 17th. Royal Bank of Canada boosted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Robert W. Baird boosted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Truist Financial boosted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $78.53.

Agree Realty Trading Down 0.6 %

Shares of ADC stock opened at $69.65 on Monday. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The firm’s fifty day simple moving average is $73.87 and its 200 day simple moving average is $72.08. The firm has a market capitalization of $7.21 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period last year, the firm posted $1.00 EPS. The company’s revenue was up 12.8% compared to the same quarter last year. As a group, sell-side analysts predict that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.04 annualized dividend and a yield of 4.36%. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADC. FMR LLC lifted its position in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after purchasing an additional 1,214,437 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 37.3% in 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 purchasing an additional 990,362 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. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Agree Realty during the second quarter worth approximately $25,086,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.