Wells Fargo & Company Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC - Get Free Report) had its price target hoisted by stock analysts at Wells Fargo & Company from $78.00 to $81.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price would suggest a potential upside of 5.04% from the stock's previous close.

A number of other brokerages have also recently commented on ADC. Stifel Nicolaus reduced their target price on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a report on Sunday, February 16th. Evercore ISI started coverage on Agree Realty in a research note on Thursday, December 12th. They issued an "outperform" rating and a $82.00 price objective on the stock. Barclays upgraded shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, UBS Group raised Agree Realty from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $79.85.

Remove Ads

Agree Realty Stock Up 1.4 %

ADC traded up $1.10 during midday trading on Monday, reaching $77.12. The company's stock had a trading volume of 129,374 shares, compared to its average volume of 933,896. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock's 50-day moving average is $72.05 and its 200-day moving average is $73.68. Agree Realty has a 1 year low of $54.78 and a 1 year high of $78.39. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, research analysts expect that Agree Realty will post 4.27 EPS for the current year.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of ADC. Total Wealth Planning & Management Inc. purchased a new stake in shares of Agree Realty during the fourth quarter worth about $378,000. Employees Retirement System of Texas raised its position in Agree Realty by 177.9% in the fourth quarter. Employees Retirement System of Texas now owns 71,000 shares of the real estate investment trust's stock valued at $5,002,000 after purchasing an additional 45,450 shares during the period. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty in the 4th quarter valued at $31,000. GF Fund Management CO. LTD. purchased a new position in shares of Agree Realty during the 4th quarter worth $129,000. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Agree Realty during the 4th quarter worth about $1,076,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.