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

Agree Realty (NYSE:ADC) had its target price decreased by equities researchers at Royal Bank of Canada from $80.00 to $79.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 11.49% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Evercore ISI started coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target for the company. Mizuho lifted their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.30.

Agree Realty Stock Performance

NYSE ADC traded up $0.44 on Tuesday, reaching $70.86. 171,230 shares of the company’s stock traded hands, compared to its average volume of 622,913. 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 firm has a market cap of $7.34 billion, a price-to-earnings ratio of 39.15, a P/E/G ratio of 3.66 and a beta of 0.64. The stock has a 50 day moving average price of $73.94 and a 200-day moving average price of $72.02.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its position in Agree Realty by 230.7% during the fourth 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. UMB Bank n.a. boosted its position in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty in the third quarter valued at approximately $75,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty during the 3rd quarter worth $77,000. Finally, Headlands Technologies LLC increased its holdings in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 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.