Agree Realty (NYSE:ADC) Coverage Initiated at Evercore ISI

Research analysts at Evercore ISI started coverage on shares of Agree Realty (NYSE:ADC) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set an “outperform” rating and a $82.00 price target on the real estate investment trust’s stock. Evercore ISI’s target price indicates a potential upside of 9.82% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. BTIG Research raised their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Mizuho increased their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Royal Bank of Canada boosted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company dropped their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, Truist Financial lifted their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $78.18.

Agree Realty Price Performance

ADC opened at $74.67 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $75.23 and its 200 day moving average price is $70.76. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The firm has a market cap of $7.73 billion, a price-to-earnings ratio of 41.25, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last posted 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). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period last year, the company posted $1.00 earnings per share. As a group, sell-side analysts expect that Agree Realty will post 4.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ADC. MCF Advisors LLC purchased a new position in Agree Realty during the 2nd quarter worth approximately $26,000. Headlands Technologies LLC raised its position in Agree Realty by 232.0% during 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. UMB Bank n.a. boosted its position in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Agree Realty during the 3rd quarter valued at about $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Agree Realty during the 3rd quarter valued at about $77,000. Institutional investors own 97.83% of the company’s stock.

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.