Mizuho Cuts Agree Realty (NYSE:ADC) Price Target to $78.00

Agree Realty (NYSE:ADC) had its price target cut by Mizuho from $81.00 to $78.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on ADC. Barclays set a $77.00 target price on shares of Agree Realty and gave the stock an “equal weight” rating in a research note on Wednesday, May 21st. Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Evercore ISI lifted their price objective on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. BTIG Research lowered Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Finally, Wells Fargo & Company upped their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average price target of $80.96.

Agree Realty Stock Up 0.9%

ADC opened at $75.33 on Monday. The company has a market cap of $8.29 billion, a PE ratio of 42.56, a price-to-earnings-growth ratio of 2.34 and a beta of 0.56. The company has a 50 day moving average of $75.54 and a 200 day moving average of $73.92. Agree Realty has a 12 month low of $60.42 and a 12 month high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The business had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same quarter in the previous year, the firm earned $0.43 EPS. On average, sell-side analysts expect that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a yield of 4.1%. Agree Realty’s payout ratio is 173.45%.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of ADC. Cohen & Steers Inc. boosted its holdings in shares of Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after purchasing an additional 2,937,147 shares during the period. Raymond James Financial Inc. purchased a new stake in Agree Realty in the fourth quarter worth $101,382,000. Millennium Management LLC boosted its holdings in Agree Realty by 1,036.9% in the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after acquiring an additional 1,068,271 shares in the last quarter. Invesco Ltd. increased its position in Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after purchasing an additional 1,020,512 shares during the period. Finally, Nuveen LLC purchased a new position in Agree Realty during the 1st quarter valued at $64,759,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.