Agree Realty (NYSE:ADC) Price Target Raised to $82.00

Agree Realty (NYSE:ADC) had its target price raised by Truist Financial from $79.00 to $82.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the stock. UBS Group raised their price target on shares of Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a report on Monday, March 9th. Mizuho upped their price objective on Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, March 11th. Royal Bank Of Canada increased their price objective on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Raymond James Financial lifted their target price on Agree Realty from $84.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Tuesday, March 17th. Finally, Barclays boosted their target price on Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.21.

Agree Realty Trading Down 1.5%

ADC opened at $74.11 on Monday. Agree Realty has a 1-year low of $68.98 and a 1-year high of $82.08. The stock has a market capitalization of $8.89 billion, a PE ratio of 41.87, a PEG ratio of 2.93 and a beta of 0.52. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $76.67 and a two-hundred day moving average price of $74.06.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.262 per share. The ex-dividend date is Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s payout ratio is currently 177.40%.

Insider Activity at Agree Realty

In other Agree Realty news, Chairman Richard Agree acquired 24,000 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was acquired at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the acquisition, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC grew its stake in shares of Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares during the period. Cetera Investment Advisers lifted its stake in Agree Realty by 4.4% in the second quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after buying an additional 1,351 shares during the period. Vanguard Group Inc. boosted its holdings in Agree Realty by 2.7% during the second quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock worth $1,119,037,000 after buying an additional 403,048 shares during the last quarter. Swiss National Bank grew its position in shares of Agree Realty by 2.2% during the 2nd quarter. Swiss National Bank now owns 204,982 shares of the real estate investment trust’s stock worth $14,976,000 after buying an additional 4,500 shares during the period. Finally, MAI Capital Management grew its position in shares of Agree Realty by 122.3% during the 2nd quarter. MAI Capital Management now owns 907 shares of the real estate investment trust’s stock worth $66,000 after buying an additional 499 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.