BTIG Research Raises Agree Realty (NYSE:ADC) Price Target to $78.00

Agree Realty (NYSE:ADC) had its price target upped by analysts at BTIG Research from $74.00 to $78.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s price objective would indicate a potential upside of 0.45% from the stock’s previous close.

Several other research firms have also weighed in on ADC. Truist Financial lifted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. UBS Group lifted their price objective on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. KeyCorp increased their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Mizuho raised their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada upped their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

Agree Realty Price Performance

Shares of ADC stock opened at $77.65 on Wednesday. The firm’s 50 day moving average price is $75.22 and its two-hundred day moving average price is $69.63. 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 52-week low of $54.28 and a 52-week high of $78.39. The stock has a market cap of $8.04 billion, a PE ratio of 42.90, a PEG ratio of 3.10 and a beta of 0.61.

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

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently modified their holdings of ADC. Daiwa Securities Group Inc. grew its stake in shares of Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after buying an additional 534,545 shares in the last quarter. FMR LLC lifted its stake in 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 valued at $168,648,000 after acquiring an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Agree Realty by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after acquiring an additional 30,377 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Agree Realty by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after acquiring an additional 57,354 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Agree Realty by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after purchasing an additional 76,818 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.