Agree Realty (NYSE:ADC) Rating Reiterated by Wells Fargo & Company

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

A number of other equities research analysts have also recently issued reports on the stock. BTIG Research increased their target price 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. Raymond James raised their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. UBS Group boosted their target price on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Stifel Nicolaus increased their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Truist Financial lifted their price objective on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.21.

Agree Realty Price Performance

Shares of ADC stock traded up $0.15 during mid-day trading on Tuesday, reaching $75.48. The company’s stock had a trading volume of 222,744 shares, compared to its average volume of 954,421. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50-day moving average is $72.87 and its two-hundred day moving average is $64.28. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.30. The company has a market cap of $7.60 billion, a P/E ratio of 44.56, a PEG ratio of 2.51 and a beta of 0.61.

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

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently modified their holdings of the business. MCF Advisors LLC acquired a new position in Agree Realty in the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 512 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of 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. Finally, Headlands Technologies LLC lifted its stake in 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 buying an additional 798 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.