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

Agree Realty (NYSE:ADC - Get Free Report) had its price objective reduced by stock analysts at Royal Bank of Canada from $79.00 to $78.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the real estate investment trust's stock. Royal Bank of Canada's price objective suggests a potential upside of 9.89% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and increased their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. BTIG Research raised their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. JMP Securities downgraded shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. Mizuho dropped their price target on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. Finally, Barclays decreased their price objective on Agree Realty from $76.00 to $74.00 and set an "underweight" rating for the company in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $79.62.

Agree Realty Trading Down 1.2 %

ADC traded down $0.85 during trading on Thursday, hitting $70.98. The company's stock had a trading volume of 738,394 shares, compared to its average volume of 717,054. The firm has a market capitalization of $7.35 billion, a P/E ratio of 39.21, a PEG ratio of 2.87 and a beta of 0.65. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. The stock's fifty day moving average price is $71.71 and its 200-day moving average price is $73.52. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Analysts anticipate that Agree Realty will post 4.13 EPS for the current year.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cohen & Steers Inc. lifted its holdings in Agree Realty by 43.0% during the 4th 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 in the last quarter. FMR LLC lifted its holdings in shares of Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after buying an additional 1,968,811 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $101,382,000. Pathway Financial Advisers LLC boosted its holdings in Agree Realty by 9,118.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock valued at $92,487,000 after purchasing an additional 1,214,437 shares during the period. Finally, Millennium Management LLC grew its position in shares of Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock valued at $82,518,000 after purchasing an additional 1,068,271 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Company Profile

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.