Agree Realty (NYSE:ADC) Coverage Initiated at Deutsche Bank Aktiengesellschaft

Analysts at Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty (NYSE:ADC) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $88.00 price target on the real estate investment trust’s stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 19.55% from the stock’s previous close.

Several other research analysts have also recently issued reports on ADC. KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Raymond James raised their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada lifted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Wells Fargo & Company lowered their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $77.23.

Agree Realty Price Performance

Shares of NYSE ADC opened at $73.61 on Wednesday. The company has a market cap of $7.62 billion, a PE ratio of 40.67, a P/E/G ratio of 3.68 and a beta of 0.62. 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 has a 1-year low of $54.28 and a 1-year high of $78.39. The stock has a fifty day moving average price of $75.22 and a 200 day moving average price of $70.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the prior year, the company earned $1.00 earnings per share. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. Sell-side analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently modified their holdings of ADC. FMR LLC boosted its position in Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of Agree Realty by 9,118.1% during the third 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 during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 55.9% in the second 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. Leeward Investments LLC MA acquired a new position in Agree Realty in the second quarter valued at $30,306,000. Finally, Lighthouse Investment Partners LLC purchased a new position in Agree Realty during the second quarter worth about $25,086,000. 97.83% of the stock is currently owned by hedge funds and other 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.