Agree Realty (ADC) to Release Earnings on Tuesday

Agree Realty (NYSE:ADC) will post its quarterly earnings results after the market closes on Tuesday, April 23rd. Analysts expect Agree Realty to post earnings of $1.01 per share for the quarter. Individual interested in listening to the company’s earnings conference call can do so using this link.

Agree Realty Stock Up 1.3 %

ADC opened at $56.56 on Friday. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The business’s 50-day moving average price is $56.58 and its 200-day moving average price is $58.16. The company has a market cap of $5.69 billion, a P/E ratio of 33.08, a P/E/G ratio of 2.58 and a beta of 0.52.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 5.30%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is presently 173.10%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. Mizuho dropped their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. Royal Bank of Canada decreased their price objective on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Wells Fargo & Company dropped their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Finally, StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Insider Buying and Selling

In other news, Chairman Richard Agree bought 16,000 shares of Agree Realty stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Agree Realty news, CEO Joey Agree acquired 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average price of $56.92 per share, with a total value of $199,220.00. Following the completion of the purchase, the chief executive officer now directly owns 561,403 shares of the company’s stock, valued at approximately $31,955,058.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard Agree bought 16,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were acquired at an average cost of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders purchased a total of 42,482 shares of company stock valued at $2,397,572 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Agree Realty

Hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in Agree Realty by 17.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 49,948 shares of the real estate investment trust’s stock valued at $3,145,000 after buying an additional 7,410 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Agree Realty by 5.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 186,171 shares of the real estate investment trust’s stock valued at $11,719,000 after acquiring an additional 10,325 shares in the last quarter. Employees Retirement System of Texas raised its position in shares of Agree Realty by 6.4% in the 4th quarter. Employees Retirement System of Texas now owns 83,550 shares of the real estate investment trust’s stock worth $5,259,000 after purchasing an additional 5,000 shares during the last quarter. Virtus ETF Advisers LLC boosted its stake in Agree Realty by 17.0% in the 4th quarter. Virtus ETF Advisers LLC now owns 3,552 shares of the real estate investment trust’s stock worth $224,000 after purchasing an additional 516 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Agree Realty by 10.0% during the 4th quarter. Legal & General Group Plc now owns 856,789 shares of the real estate investment trust’s stock valued at $53,935,000 after purchasing an additional 77,741 shares during the last quarter. 97.83% of the stock is owned by 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.