Agree Realty (NYSE:ADC) Raised to “Equal Weight” at Barclays

Agree Realty (NYSE:ADC) was upgraded by equities research analysts at Barclays from an “underweight” rating to an “equal weight” rating in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $75.00 price target on the real estate investment trust’s stock, up from their prior price target of $74.00. Barclays‘s price objective would suggest a potential downside of 0.76% from the company’s previous close.

ADC has been the topic of a number of other research reports. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Evercore ISI started coverage on Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock. Finally, Stifel Nicolaus cut their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Five research 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 company’s stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.69.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $75.58 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $71.85 and its two-hundred day moving average price is $73.63. Agree Realty has a 52-week low of $54.78 and a 52-week high of $78.39. The stock has a market capitalization of $8.11 billion, a P/E ratio of 42.46, a P/E/G ratio of 2.88 and a beta of 0.65.

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

Institutional Investors Weigh In On Agree Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. raised its holdings in Agree Realty by 348.9% during the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $26,177,000 after purchasing an additional 270,093 shares in the last quarter. Spire Wealth Management acquired a new position in Agree Realty in the fourth quarter worth approximately $411,000. abrdn plc grew its position in Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 6,924 shares during the last quarter. JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% in 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 buying an additional 990,362 shares during the last quarter. Finally, KBC Group NV grew its position in Agree Realty by 1,670.8% in the fourth quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust’s stock worth $3,069,000 after buying an additional 41,101 shares during the last quarter. 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.