JMP Securities Increases Agree Realty (NYSE:ADC) Price Target to $82.00

Agree Realty (NYSE:ADCGet Rating) had its price objective upped by JMP Securities from $81.00 to $82.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a market outperform rating on the real estate investment trust’s stock.

A number of other equities analysts also recently weighed in on the stock. Credit Suisse Group initiated coverage on shares of Agree Realty in a research note on Wednesday, June 22nd. They set an outperform rating and a $78.00 target price for the company. Truist Financial raised their target price on shares of Agree Realty from $74.00 to $77.00 and gave the company a buy rating in a research note on Wednesday, June 1st. Bank of America raised shares of Agree Realty from a neutral rating to a buy rating and raised their price target for the company from $76.00 to $78.00 in a research report on Thursday, June 2nd. Morgan Stanley raised their price target on shares of Agree Realty from $75.00 to $77.00 and gave the company an overweight rating in a research report on Tuesday, July 12th. Finally, Raymond James raised their price target on shares of Agree Realty from $76.00 to $85.00 and gave the company a strong-buy rating in a research report on Friday, July 8th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $78.77.

Agree Realty Stock Performance

NYSE ADC opened at $76.80 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 0.98 and a debt-to-equity ratio of 0.51. The company has a 50-day simple moving average of $73.05 and a two-hundred day simple moving average of $68.56. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 40.64, a PEG ratio of 2.69 and a beta of 0.39. Agree Realty has a 12-month low of $61.62 and a 12-month high of $79.98.

Agree Realty (NYSE:ADCGet Rating) last announced its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.45. Agree Realty had a net margin of 37.13% and a return on equity of 4.38%. During the same quarter in the prior year, the business earned $0.89 earnings per share. On average, equities analysts forecast that Agree Realty will post 3.88 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, July 29th will be paid a dividend of $0.234 per share. This represents a $2.81 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Thursday, July 28th. Agree Realty’s dividend payout ratio is presently 148.68%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. M&T Bank Corp lifted its stake in shares of Agree Realty by 51.0% during the 2nd quarter. M&T Bank Corp now owns 32,476 shares of the real estate investment trust’s stock valued at $2,000,000 after buying an additional 10,973 shares in the last quarter. Bank of Nova Scotia bought a new position in Agree Realty during the 2nd quarter valued at about $220,000. Cincinnati Insurance Co. bought a new position in Agree Realty during the 2nd quarter valued at about $11,180,000. Cincinnati Financial Corp bought a new position in Agree Realty during the 2nd quarter valued at about $10,820,000. Finally, abrdn plc boosted its position in Agree Realty by 3.7% in the 2nd quarter. abrdn plc now owns 15,853 shares of the real estate investment trust’s stock valued at $1,160,000 after buying an additional 572 shares during the period.

About Agree Realty

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Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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