Agree Realty (NYSE:ADC) Receives Overweight Rating from Wells Fargo & Company

Agree Realty (NYSE:ADC)‘s stock had its “overweight” rating reissued by equities researchers at Wells Fargo & Company in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $80.00 target price on the real estate investment trust’s stock, up from their previous target price of $77.00. Wells Fargo & Company‘s price objective suggests a potential upside of 5.99% from the company’s previous close.

ADC has been the topic of a number of other reports. UBS Group boosted their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Stifel Nicolaus increased their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. BTIG Research lifted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, KeyCorp assumed coverage on Agree Realty in a research note on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective on the stock. Four investment 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.21.

Agree Realty Trading Up 0.2 %

Shares of Agree Realty stock traded up $0.15 during trading hours on Tuesday, hitting $75.48. The company’s stock had a trading volume of 222,744 shares, compared to its average volume of 954,421. Agree Realty has a 12 month low of $52.69 and a 12 month high of $77.30. 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 company has a market capitalization of $7.60 billion, a PE ratio of 44.56, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The stock has a 50 day moving average of $72.87 and a 200 day moving average of $64.28.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same quarter last year, the company earned $0.98 EPS. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. Analysts predict that Agree Realty will post 4.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC raised its holdings in Agree Realty by 11.5% in the 4th quarter. Corient Private Wealth LLC now owns 7,645 shares of the real estate investment trust’s stock valued at $481,000 after acquiring an additional 787 shares in the last quarter. Parallel Advisors LLC lifted its position in Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares during the period. Treasurer of the State of North Carolina grew its stake in Agree Realty by 8.9% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,960 shares of the real estate investment trust’s stock worth $2,767,000 after buying an additional 3,600 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in Agree Realty by 1.5% in the 4th quarter. Eagle Asset Management Inc. now owns 112,982 shares of the real estate investment trust’s stock valued at $7,112,000 after buying an additional 1,672 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at approximately $860,000. 97.83% of the stock is owned by 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.