Agree Realty (NYSE:ADC) Stock Price Expected to Rise, BTIG Research Analyst Says

Agree Realty (NYSE:ADC) had its price objective raised by research analysts at BTIG Research from $74.00 to $78.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s target price would indicate a potential downside of 0.09% from the company’s current price.

Several other analysts also recently commented on the company. UBS Group raised their target price on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. KeyCorp raised their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Raymond James increased their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.04.

Agree Realty Trading Up 1.4 %

ADC stock traded up $1.11 during midday trading on Wednesday, hitting $78.07. The stock had a trading volume of 215,929 shares, compared to its average volume of 958,373. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market cap of $8.08 billion, a P/E ratio of 43.13, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The business has a fifty day moving average price of $75.11 and a two-hundred day moving average price of $69.51. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 EPS. On average, sell-side analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently modified their holdings of ADC. MCF Advisors LLC purchased a new position in Agree Realty during the second quarter worth about $26,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Agree Realty in the third quarter worth approximately $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Agree Realty in the third quarter valued at approximately $77,000. 97.83% of the stock is 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.