Agree Realty (NYSE:ADC) Given New $74.00 Price Target at Mizuho

Agree Realty (NYSE:ADC) had its price target lowered by Mizuho from $80.00 to $74.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

A number of other research analysts have also weighed in on ADC. BTIG Research increased their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Evercore ISI began coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective on the stock. Stifel Nicolaus decreased their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their price target for the company from $79.00 to $84.00 in a research report on Monday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Stock Down 0.6 %

NYSE:ADC opened at $69.65 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market cap of $7.21 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company has a 50-day moving average of $73.87 and a 200 day moving average of $72.08. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39.

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

Agree Realty Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of 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 acquiring an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in Agree Realty by 9,118.1% in the third 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 acquiring an additional 1,214,437 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after purchasing an additional 534,545 shares during the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new position in Agree Realty during the 2nd quarter worth approximately $25,086,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.