Agree Realty (NYSE:ADC) Price Target Cut to $78.00 by Analysts at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its price objective dropped by investment analysts at Royal Bank of Canada from $79.00 to $78.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 9.86% from the company’s current price.

Other equities analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target on the stock. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Robert W. Baird upped their price objective 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. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $78.86.

Agree Realty Price Performance

NYSE:ADC traded down $0.40 during mid-day trading on Thursday, reaching $71.00. The stock had a trading volume of 320,099 shares, compared to its average volume of 848,362. Agree Realty has a one year low of $54.28 and a one year 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 50 day moving average price of $71.85 and a two-hundred day moving average price of $73.46. The stock has a market capitalization of $7.35 billion, a P/E ratio of 39.23, a P/E/G ratio of 2.87 and a beta of 0.65.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. As a group, analysts expect that Agree Realty will post 4.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. CIBC Asset Management Inc boosted its stake in Agree Realty by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 153 shares during the last quarter. Carmel Capital Partners LLC lifted its position in Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock valued at $486,000 after purchasing an additional 167 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Agree Realty by 3.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Agree Realty by 3.6% during the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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.