Royal Bank of Canada Lowers Agree Realty (NYSE:ADC) Price Target to $78.00

Agree Realty (NYSE:ADC) had its price objective dropped by analysts at Royal Bank of Canada from $79.00 to $78.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target suggests a potential upside of 9.89% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday, February 8th. Wells Fargo & Company reduced their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Evercore ISI began coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Finally, Mizuho reduced their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.62.

Agree Realty Trading Down 1.2 %

ADC opened at $70.98 on Thursday. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. 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 company has a market cap of $7.35 billion, a P/E ratio of 39.21, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65. The company has a fifty day moving average price of $71.71 and a two-hundred day moving average price of $73.46.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Analysts predict that Agree Realty will post 4.13 EPS for the current fiscal year.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc increased its holdings in shares of Agree Realty by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 153 shares during the last quarter. Carmel Capital Partners LLC increased its holdings in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after buying an additional 167 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Agree Realty by 3.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC increased its holdings in shares of Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after buying an additional 170 shares during the last quarter. 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.