Royal Bank of Canada Has Lowered Expectations for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its price target lowered by analysts at Royal Bank of Canada from $80.00 to $79.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 13.42% from the company’s previous close.

Several other research analysts also recently issued reports on ADC. Mizuho upped their price objective on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. BTIG Research upped their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Agree Realty Stock Down 0.6 %

Shares of NYSE ADC opened at $69.65 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a 50-day moving average price of $73.87 and a two-hundred day moving average price of $72.08.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period in the prior year, the company earned $1.00 EPS. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, analysts forecast that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. raised its position in Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after buying an additional 270,093 shares during the last quarter. AQR Capital Management LLC raised its position in Agree Realty by 67.4% in the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after buying an additional 186,285 shares during the last quarter. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after buying an additional 990,362 shares during the last quarter. Vanderbilt University raised its position in Agree Realty by 148.9% in the 3rd quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after buying an additional 10,129 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Agree Realty by 40.2% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock valued at $8,912,000 after purchasing an additional 33,914 shares during the last quarter. 97.83% of the stock is 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.