Wells Fargo & Company Lowers Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its price objective decreased by research analysts at Wells Fargo & Company from $80.00 to $79.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 6.67% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Robert W. Baird lifted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial lifted their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group lifted their price objective on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.19.

Agree Realty Stock Performance

NYSE ADC opened at $74.06 on Monday. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 40.92, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The business has a fifty day moving average of $74.77 and a 200-day moving average of $67.63. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $152.83 million. During the same period last year, the firm earned $1.00 earnings per share. The business’s revenue was up 12.8% compared to the same quarter last year. As a group, analysts predict that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently modified their holdings of ADC. Van ECK Associates Corp grew its stake in shares of Agree Realty by 22.6% in the first quarter. Van ECK Associates Corp now owns 38,612 shares of the real estate investment trust’s stock valued at $2,206,000 after buying an additional 7,125 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Agree Realty by 4.4% in the first quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock valued at $401,000 after buying an additional 297 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Agree Realty in the first quarter valued at about $2,532,000. BNP Paribas Financial Markets grew its stake in shares of Agree Realty by 16.9% in the first quarter. BNP Paribas Financial Markets now owns 77,408 shares of the real estate investment trust’s stock valued at $4,422,000 after buying an additional 11,169 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of Agree Realty by 126.8% in the first quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust’s stock valued at $520,000 after buying an additional 5,087 shares in the last quarter. 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.