Agree Realty Co. (NYSE:ADC) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Agree Realty Co. (NYSE:ADC) have earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $78.93.

A number of research analysts have recently weighed in on ADC shares. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Saturday. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the company from $79.00 to $84.00 in a report on Monday, January 6th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $79.00 price objective on shares of Agree Realty in a research note on Tuesday, January 28th. Finally, Evercore ISI started coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company.

Hedge Funds Weigh In On Agree Realty

Several large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Agree Realty by 0.4% during the second quarter. The Manufacturers Life Insurance Company now owns 103,674 shares of the real estate investment trust’s stock valued at $6,422,000 after purchasing an additional 382 shares during the period. Algert Global LLC bought a new stake in Agree Realty in the 2nd quarter valued at $628,000. Sanctuary Advisors LLC acquired a new position in shares of Agree Realty in the 2nd quarter valued at $1,235,000. SG Americas Securities LLC lifted its holdings in shares of Agree Realty by 33.9% during the 3rd quarter. SG Americas Securities LLC now owns 17,305 shares of the real estate investment trust’s stock worth $1,304,000 after acquiring an additional 4,385 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in shares of Agree Realty by 60.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 29,337 shares of the real estate investment trust’s stock valued at $2,210,000 after acquiring an additional 11,000 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC stock opened at $72.92 on Monday. The firm has a market cap of $7.55 billion, a P/E ratio of 40.29, a PEG ratio of 2.87 and a beta of 0.65. The stock’s 50-day moving average is $72.03 and its two-hundred day moving average is $73.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

Agree Realty Dividend Announcement

The company also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.253 per share. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s dividend payout ratio is 167.40%.

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.