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

Agree Realty (NYSE:ADCGet Free Report) had its price target dropped by research analysts at Royal Bank of Canada from $80.00 to $79.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 13.42% from the stock’s previous close.

Several other research analysts also recently commented on ADC. Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, December 17th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the company from $79.00 to $84.00 in a research report on Monday. Finally, Robert W. Baird lifted their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Check Out Our Latest Analysis on Agree Realty

Agree Realty Stock Down 0.6 %

ADC stock opened at $69.65 on Tuesday. 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 company has a market capitalization 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 fifty-two week low of $54.28 and a fifty-two week high of $78.39. The stock has a fifty day moving average of $73.87 and a 200-day moving average of $72.08.

Agree Realty (NYSE:ADCGet Free Report) last issued its earnings results 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 return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the prior year, the business earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, equities research analysts predict that Agree Realty will post 4.12 earnings per share for the current year.

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC increased its stake in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares during the period. Arizona State Retirement System increased its stake in shares of Agree Realty by 2.0% during the second quarter. Arizona State Retirement System now owns 28,170 shares of the real estate investment trust’s stock valued at $1,745,000 after buying an additional 545 shares during the period. Savant Capital LLC purchased a new position in shares of Agree Realty during the second quarter valued at approximately $1,364,000. Wedbush Securities Inc. purchased a new position in shares of Agree Realty during the second quarter valued at approximately $211,000. Finally, Choreo LLC purchased a new position in shares of Agree Realty during the second quarter valued at approximately $576,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Company Profile

(Get Free Report)

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.

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