Robert W. Baird Boosts Agree Realty (NYSE:ADC) Price Target to $76.00

Agree Realty (NYSE:ADC) had its price target hoisted by Robert W. Baird from $67.00 to $76.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Robert W. Baird’s price objective points to a potential upside of 2.11% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upped their target price 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. Wells Fargo & Company restated an “overweight” rating and issued a $80.00 target price (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Truist Financial upped their target price on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Stifel Nicolaus upped their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 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 company. According to data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $74.04.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $74.43 on Tuesday. The firm’s fifty day simple moving average is $74.53 and its 200-day simple moving average is $66.73. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 43.78, a PEG ratio of 2.47 and a beta of 0.61. Agree Realty has a 12 month low of $52.69 and a 12 month high of $77.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 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 analyst estimates of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 earnings per share. As a group, equities analysts forecast that Agree Realty will post 4.11 earnings per share for the current year.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund boosted its stake in shares of Agree Realty by 8.5% during the 3rd quarter. New York State Common Retirement Fund now owns 353,194 shares of the real estate investment trust’s stock valued at $26,606,000 after buying an additional 27,682 shares during the last quarter. US Bancorp DE increased its position in Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after buying an additional 252 shares during the period. Golden State Equity Partners increased its position in Agree Realty by 10.5% in the third quarter. Golden State Equity Partners now owns 7,359 shares of the real estate investment trust’s stock worth $554,000 after buying an additional 698 shares during the period. Pathway Financial Advisers LLC increased its position in Agree Realty by 22.4% in the third quarter. Pathway Financial Advisers LLC now owns 16,298 shares of the real estate investment trust’s stock worth $1,228,000 after buying an additional 2,979 shares during the period. Finally, abrdn plc increased its position in Agree Realty by 10.8% in the third quarter. abrdn plc now owns 20,573 shares of the real estate investment trust’s stock worth $1,550,000 after buying an additional 2,000 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.