Agree Realty (NYSE:ADC) Given New $80.00 Price Target at Mizuho

Agree Realty (NYSE:ADC) had its target price boosted by Mizuho from $75.00 to $80.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other research firms also recently weighed in on ADC. Wells Fargo & Company dropped their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Raymond James lifted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Truist Financial lifted their target price 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. Robert W. Baird boosted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, KeyCorp boosted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Trading Up 0.7 %

Shares of ADC stock traded up $0.55 during trading on Thursday, hitting $76.14. 213,689 shares of the stock traded hands, compared to its average volume of 968,459. The firm has a market capitalization of $7.88 billion, a P/E ratio of 41.75, a price-to-earnings-growth ratio of 3.11 and a beta of 0.61. 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’s fifty day moving average price is $75.00 and its 200-day moving average price is $68.30. Agree Realty has a 52-week low of $54.28 and a 52-week high of $77.47.

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

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Friday, November 29th. Agree Realty’s payout ratio is 167.96%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADC. MCF Advisors LLC bought a new stake in shares of Agree Realty during the 2nd quarter worth about $26,000. Massmutual Trust Co. FSB ADV increased its position in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 442 shares in the last quarter. UMB Bank n.a. increased its position in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty in the third quarter worth approximately $75,000. Finally, Headlands Technologies LLC increased its position in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.