Robert W. Baird Boosts Agree Realty (NYSE:ADC) Price Target to $76.00

Agree Realty (NYSE:ADC) had its price target upped by analysts at Robert W. Baird from $67.00 to $76.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Robert W. Baird’s target price would indicate a potential upside of 1.29% from the stock’s previous close.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada upped their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Finally, Truist Financial lifted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.27.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $75.03 on Tuesday. The firm has a market cap of $7.55 billion, a PE ratio of 44.05, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. Agree Realty has a 1 year low of $54.28 and a 1 year high of $77.47. The firm’s 50-day simple moving average is $74.61 and its 200-day simple moving average is $66.98. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm 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 earned $1.00 EPS. The company’s quarterly revenue was up 12.8% on a year-over-year basis. Equities analysts forecast that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently bought and sold shares of ADC. Long Pond Capital LP boosted its holdings in shares of Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after buying an additional 2,382,252 shares during the period. Pathway Financial Advisers LLC grew its position in Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after purchasing an additional 1,214,437 shares in the last quarter. PGGM Investments purchased a new position in Agree Realty during the 2nd quarter worth approximately $70,225,000. Daiwa Securities Group Inc. raised its stake in Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the period. Finally, Leeward Investments LLC MA purchased a new stake in shares of Agree Realty in the second quarter valued at $30,306,000. Hedge funds and other institutional investors 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.