Mizuho Has Lowered Expectations for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its target price decreased by equities researchers at Mizuho from $80.00 to $74.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Mizuho’s price target would suggest a potential upside of 6.25% from the company’s previous close.

A number of other research firms have also recently commented on ADC. Wells Fargo & Company cut their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Barclays started coverage on shares of Agree Realty in a research report on Tuesday, December 17th. They set an “underweight” rating and a $76.00 price objective on the stock. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday. Robert W. Baird increased their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, BTIG Research boosted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Two analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Agree Realty Stock Down 0.6 %

Shares of Agree Realty stock opened at $69.65 on Wednesday. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The firm 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. The company has a 50-day moving average of $73.76 and a 200 day moving average of $72.06. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

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

Institutional Investors Weigh In On Agree Realty

Large investors have recently made changes to their positions in the company. Citigroup Inc. boosted its holdings in shares of Agree Realty by 348.9% in the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $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 second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after acquiring an additional 186,285 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Vanderbilt University grew its position in shares of Agree Realty by 148.9% during the 3rd quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after acquiring an additional 10,129 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Agree Realty by 40.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after purchasing an additional 33,914 shares in the last quarter. 97.83% of the stock is currently owned by 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.