Royal Bank of Canada Reiterates “Outperform” Rating for Agree Realty (NYSE:ADC)

Agree Realty (NYSE:ADC)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They presently have a $79.00 price target on the real estate investment trust’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 9.85% from the company’s current price.

Other analysts also recently issued research reports about the stock. Barclays assumed coverage on shares of Agree Realty in a research report on Tuesday, December 17th. They set an “underweight” rating and a $76.00 target price for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Wednesday, January 15th. Evercore ISI started coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. Stifel Nicolaus cut their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.07.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $71.92 on Tuesday. The stock has a market capitalization of $7.44 billion, a P/E ratio of 39.73, a PEG ratio of 2.52 and a beta of 0.64. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The business’s fifty day moving average price is $72.61 and its 200 day moving average price is $73.06. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of the company. Citigroup Inc. raised its position in shares of Agree Realty by 348.9% during the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after acquiring an additional 270,093 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Vanderbilt University raised its holdings in shares of Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after purchasing an additional 10,129 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position 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 buying an additional 33,914 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Agree Realty by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after buying an additional 57,354 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.