Agree Realty (NYSE:ADC) Price Target Cut to $78.00 by Analysts at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its price target lowered by investment analysts at Royal Bank of Canada from $79.00 to $78.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 9.86% from the company’s current price.

Several other brokerages have also recently issued reports on ADC. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a report on Monday, January 6th. Robert W. Baird raised their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Truist Financial raised their target price on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays lowered their price target on Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $78.86.

Agree Realty Stock Down 0.6 %

NYSE:ADC traded down $0.40 during midday trading on Thursday, reaching $71.00. 320,099 shares of the stock traded hands, compared to its average volume of 848,362. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39. The stock has a market capitalization of $7.35 billion, a PE ratio of 39.23, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65. The business has a 50-day moving average of $71.85 and a two-hundred day moving average of $73.46.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. On average, equities analysts forecast that Agree Realty will post 4.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of ADC. Versant Capital Management Inc boosted its holdings in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 293 shares in the last quarter. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the 4th quarter valued at approximately $31,000. Headlands Technologies LLC increased its position in Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 235 shares during the period. Financial Life Planners purchased a new position in shares of Agree Realty during the 4th quarter worth approximately $44,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 230 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

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.