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

Agree Realty (NYSE:ADC) had its price objective raised by research analysts at BTIG Research from $74.00 to $78.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s price objective points to a potential downside of 0.09% from the company’s previous close.

Several other brokerages also recently weighed in on ADC. Royal Bank of Canada boosted their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, Raymond James boosted their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Four research 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.04.

Agree Realty Price Performance

NYSE:ADC traded up $1.11 during mid-day trading on Wednesday, reaching $78.07. The stock had a trading volume of 215,929 shares, compared to its average volume of 958,373. The stock has a market capitalization of $8.08 billion, a P/E ratio of 43.13, a P/E/G ratio of 3.10 and a beta of 0.61. The firm has a 50 day moving average price of $75.11 and a two-hundred day moving average price of $69.51. 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 one year low of $54.28 and a one year high of $78.39.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Daiwa Securities Group Inc. lifted its holdings in shares of Agree Realty by 29.4% during the 3rd 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 during the period. FMR LLC lifted its holdings 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 period. Geode Capital Management LLC boosted its position in Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after purchasing an additional 30,377 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Agree Realty by 3.7% during 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 purchasing an additional 57,354 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Agree Realty by 5.3% during 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 last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.