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

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

A number of other research analysts also recently weighed in on the company. Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Evercore ISI boosted their target price on shares of Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Royal Bank of Canada decreased their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Finally, Mizuho upped their price target on Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, April 3rd. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $80.88.

Agree Realty Trading Down 0.8 %

Shares of NYSE ADC opened at $76.29 on Friday. The business has a fifty day simple moving average of $75.71 and a 200-day simple moving average of $74.09. The company has a market cap of $8.39 billion, a price-to-earnings ratio of 42.86, a P/E/G ratio of 2.88 and a beta of 0.55. Agree Realty has a 12 month low of $58.18 and a 12 month high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same period in the previous year, the company posted $0.43 EPS. Sell-side analysts predict that Agree Realty will post 4.27 EPS for the current year.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Agree Realty by 1.5% during the 4th 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. lifted its stake in shares of Agree Realty by 43.0% during the 4th 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 last quarter. JPMorgan Chase & Co. lifted its position 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 acquiring an additional 990,362 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after acquiring an additional 1,020,512 shares during the period. Finally, Geode Capital Management LLC grew its position 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 during the last quarter. Institutional investors own 97.83% of the company’s stock.

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.