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Royal Bank of Canada Lowers Agree Realty (NYSE:ADC) Price Target to $79.00

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Agree Realty (NYSE:ADC - Get Free Report) had its target price lowered by Royal Bank of Canada from $80.00 to $79.00 in a research report issued to clients and investors on Tuesday,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 12.89% from the stock's current price.

A number of other research analysts have also weighed in on ADC. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Evercore ISI initiated coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an "outperform" rating and a $82.00 price target on the stock. KeyCorp boosted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. BTIG Research lifted their target price on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Finally, Barclays initiated coverage on Agree Realty in a research note on Tuesday, December 17th. They issued an "underweight" rating and a $76.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $78.93.

Read Our Latest Stock Report on ADC

Agree Realty Trading Down 0.6 %

Shares of NYSE ADC traded down $0.44 during trading on Tuesday, reaching $69.98. The stock had a trading volume of 3,236,662 shares, compared to its average volume of 1,399,766. The business's 50-day moving average price is $73.87 and its 200-day moving average price is $72.08. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $7.24 billion, a P/E ratio of 38.66, a PEG ratio of 3.66 and a beta of 0.64.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period in the prior year, the firm posted $1.00 earnings per share. The business's quarterly revenue was up 12.8% compared to the same quarter last year. On average, equities research analysts predict that Agree Realty will post 4.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently added to or reduced their stakes in ADC. GAMMA Investing LLC raised its holdings in Agree Realty by 34.5% in the 4th quarter. GAMMA Investing LLC now owns 2,897 shares of the real estate investment trust's stock valued at $204,000 after acquiring an additional 743 shares during the period. Versant Capital Management Inc increased its stake in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Franklin Resources Inc. boosted its stake in Agree Realty by 8.2% in the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust's stock valued at $4,917,000 after buying an additional 5,039 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Agree Realty in the third quarter valued at about $77,000. 97.83% of the stock is owned by institutional investors.

About Agree Realty

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Agree Realty (NYSE:ADC)

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