Mizuho Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC) had its target price lifted by Mizuho from $74.00 to $81.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Mizuho’s price objective suggests a potential upside of 8.96% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada reduced their price objective on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $80.38.

Agree Realty Price Performance

ADC opened at $74.34 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty has a one year low of $54.78 and a one year high of $78.39. The stock has a market capitalization of $7.98 billion, a P/E ratio of 41.76, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The company’s 50 day simple moving average is $74.22 and its 200-day simple moving average is $73.94.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Sell-side analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADC. Vanguard Group Inc. boosted its stake in shares of Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after acquiring an additional 219,806 shares during the last quarter. Cohen & Steers Inc. boosted its stake in Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after buying an additional 2,937,147 shares during the period. JPMorgan Chase & Co. lifted 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 worth $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. grew its position in Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after acquiring an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Agree Realty by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust’s stock valued at $150,255,000 after purchasing an additional 57,492 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.