Barclays Upgrades Agree Realty (NYSE:ADC) to “Equal Weight”

Agree Realty (NYSE:ADC) was upgraded by Barclays from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm presently has a $75.00 target price on the real estate investment trust’s stock, up from their previous target price of $74.00. Barclays‘s price objective would suggest a potential upside of 1.26% from the stock’s previous close.

ADC has been the topic of several other reports. Wells Fargo & Company decreased their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Royal Bank of Canada dropped their price objective on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. BTIG Research boosted their target price on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.69.

Agree Realty Stock Up 0.4 %

Shares of NYSE:ADC opened at $74.07 on Tuesday. Agree Realty has a fifty-two week low of $54.78 and a fifty-two week high of $78.39. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $71.69 and its 200-day simple moving average is $73.59. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 41.61, a PEG ratio of 2.88 and a beta of 0.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share 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, equities research analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently modified their holdings of ADC. Citigroup Inc. grew its stake in shares of Agree Realty by 348.9% during the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after buying an additional 270,093 shares during the period. Spire Wealth Management purchased a new stake in Agree Realty during the fourth quarter valued at about $411,000. abrdn plc increased its stake in Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after acquiring an additional 6,924 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Agree Realty by 37.3% in 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 purchasing an additional 990,362 shares during the period. Finally, KBC Group NV raised its holdings in shares of Agree Realty by 1,670.8% in the 4th quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust’s stock worth $3,069,000 after purchasing an additional 41,101 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.