Agree Realty Corporation (NYSE:ADC) Stock Has Average Target Price of $79.85 According to Brokerages

Shares of Agree Realty Corporation (NYSE:ADC) have earned an average rating of “Moderate Buy” from the seventeen brokerages that are presently covering the stock, MarketBeat.com reports. Six equities 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. The average 12-month target price among brokers that have issued a report on the stock in the last year is $79.85.

ADC has been the topic of a number of analyst reports. Weiss Ratings cut shares of Agree Realty from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 20th. Stifel Nicolaus dropped their target price on shares of Agree Realty from $81.50 to $76.50 and set a “buy” rating for the company in a report on Wednesday, October 21st. Mizuho cut their target price on Agree Realty from $80.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, September 17th. Truist Financial initiated coverage on Agree Realty in a report on Thursday, October 1st. They set a “buy” rating and a $75.00 price target on the stock. Finally, Robert W. Baird lowered their price target on Agree Realty from $77.00 to $76.00 and set an “outperform” rating for the company in a research report on Wednesday, October 21st.

Agree Realty Price Performance

Shares of ADC stock traded up $0.13 during trading on Friday, hitting $69.23. The company had a trading volume of 1,926,334 shares, compared to its average volume of 1,727,938. The stock’s 50-day moving average is $67.94 and its two-hundred day moving average is $74.33. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of 35.69, a price-to-earnings-growth ratio of 3.06 and a beta of 0.40. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.55. Agree Realty has a 52 week low of $64.34 and a 52 week high of $82.08.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.68. Agree Realty had a return on equity of 4.00% and a net margin of 29.75%. The firm had revenue of $213.88 million during the quarter, compared to analysts’ expectations of $211.52 million. During the same period in the prior year, the business earned $1.10 EPS. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, analysts predict that Agree Realty will post 4.45 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 14th. Shareholders of record on Monday, November 30th will be given a dividend of $0.2710 per share. The ex-dividend date of this dividend is Monday, November 30th. This represents a $3.25 annualized dividend and a yield of 4.7%. Agree Realty’s dividend payout ratio (DPR) is currently 167.53%.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree acquired 7,360 shares of Agree Realty stock in a transaction on Wednesday, September 16th. The stock was acquired at an average cost of $68.06 per share, for a total transaction of $500,921.60. Following the purchase, the chief executive officer owned 682,465 shares in the company, valued at $46,448,567.90. This trade represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. purchased 20,000 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were purchased at an average price of $68.78 per share, for a total transaction of $1,375,600.00. Following the acquisition, the director owned 654,602 shares of the company’s stock, valued at approximately $45,023,525.56. The trade was a 3.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 48,496 shares of company stock valued at $3,418,670 in the last three months. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Agree Realty in the second quarter worth about $1,447,551,000. Bank of America Corp DE bought a new position in Agree Realty during the second quarter valued at approximately $130,921,000. Deutsche Bank AG purchased a new position in shares of Agree Realty in the second quarter valued at $104,747,000. Canada Pension Plan Investment Board bought a new stake in shares of Agree Realty in the 2nd quarter worth about $92,533,000. Finally, Jupiter Topco LLC bought a new stake in Agree Realty during the second quarter worth approximately $92,125,000. Institutional investors own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation is a real estate investment trust (REIT) focused on acquiring, developing and managing net-leased properties, primarily occupied by retail businesses. Its portfolio includes freestanding stores and other properties leased to national and regional retailers. Under net leases, tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance, while Agree Realty owns the real estate and collects rent. The company’s properties are located across the United States.