Royal Bank of Canada Boosts Agree Realty (NYSE:ADC) Price Target to $80.00

Agree Realty (NYSE:ADC) had its price objective lifted by equities researchers at Royal Bank of Canada from $79.00 to $80.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 6.62% from the stock’s current price.

Other research analysts also recently issued research reports about the company. UBS Group upped their price objective on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BTIG Research lifted their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Truist Financial increased their target price on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Raymond James raised their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.88.

Agree Realty Stock Performance

Shares of ADC stock opened at $75.03 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a 50-day moving average of $74.53 and a 200-day moving average of $66.60. Agree Realty has a one year low of $52.69 and a one year high of $77.47. The company has a market cap of $7.55 billion, a P/E ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data 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 net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter last year, the business posted $1.00 EPS. The company’s quarterly revenue was up 12.8% on a year-over-year basis. Equities research analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently made changes to their positions in the stock. MCF Advisors LLC purchased a new stake in Agree Realty during the 2nd quarter worth about $26,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the period. 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. Finally, GAMMA Investing LLC grew its stake in Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 782 shares in the last quarter. 97.83% of the stock is currently 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.