Brokerages Set Agree Realty Co. (NYSE:ADC) Price Target at $65.61

Shares of Agree Realty Co. (NYSE:ADC) have received a consensus recommendation of “Moderate Buy” from the nine brokerages that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $65.61.

A number of equities research analysts have weighed in on the company. BMO Capital Markets assumed coverage on Agree Realty in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. Truist Financial cut their target price on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Mizuho cut their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, March 7th. Finally, JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd.

Insider Transactions at Agree Realty

In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, the director now directly owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 42,482 shares of company stock valued at $2,397,572. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently bought and sold shares of the business. Ensign Peak Advisors Inc boosted its holdings in Agree Realty by 0.7% during the first quarter. Ensign Peak Advisors Inc now owns 23,042 shares of the real estate investment trust’s stock valued at $1,581,000 after acquiring an additional 150 shares during the period. Baird Financial Group Inc. boosted its holdings in Agree Realty by 2.6% during the fourth quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust’s stock valued at $484,000 after acquiring an additional 171 shares during the period. State of Wyoming boosted its holdings in Agree Realty by 34.8% during the second quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 172 shares during the period. Applied Capital LLC FL boosted its holdings in Agree Realty by 2.4% during the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 174 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its holdings in Agree Realty by 3.5% during the first quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock valued at $362,000 after acquiring an additional 183 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $55.69 on Tuesday. The company has a market cap of $5.60 billion, a PE ratio of 32.57, a P/E/G ratio of 2.60 and a beta of 0.52. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The stock has a 50 day simple moving average of $56.77 and a 200-day simple moving average of $58.18.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.39%. Agree Realty’s dividend payout ratio is 173.10%.

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.