StockNews.com Upgrades Agree Realty (NYSE:ADC) to “Hold”

Agree Realty (NYSE:ADC) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Wednesday.

Several other analysts also recently commented on the company. Robert W. Baird upped their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target for the company. Stifel Nicolaus lowered their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. 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 objective for the company. Finally, BTIG Research raised their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Price Performance

ADC stock opened at $70.64 on Wednesday. The business has a 50 day moving average price of $73.40 and a 200 day moving average price of $72.36. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

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

Institutional Investors Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after purchasing an additional 534,545 shares during the last quarter. FMR LLC increased its stake in shares of Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the period. Geode Capital Management LLC boosted its position in shares of Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after buying an additional 30,377 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in 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 worth $119,651,000 after buying an additional 57,354 shares in the last quarter. 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.