Agree Realty (NYSE:ADC) Given New $82.00 Price Target at Truist Financial

Agree Realty (NYSE:ADC - Get Free Report) had its price target increased by research analysts at Truist Financial from $77.00 to $82.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the real estate investment trust's stock. Truist Financial's target price would suggest a potential upside of 6.85% from the company's current price.

Several other brokerages have also commented on ADC. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Wednesday, April 30th. Mizuho upped their price target on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Royal Bank of Canada dropped their price target on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Finally, Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Five investment 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. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.04.

Agree Realty Price Performance

Shares of ADC stock traded up $0.38 during midday trading on Monday, reaching $76.74. 271,907 shares of the company were exchanged, compared to its average volume of 1,016,680. Agree Realty has a 12 month low of $58.18 and a 12 month high of $79.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $8.44 billion, a P/E ratio of 43.10, a PEG ratio of 2.88 and a beta of 0.55. The company's 50 day moving average price is $75.71 and its two-hundred day moving average price is $74.09.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating 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 business had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same period in the prior year, the business earned $0.43 earnings per share. On average, sell-side analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock valued at $1,025,044,000 after purchasing an additional 219,806 shares during the period. Cohen & Steers Inc. grew its position in shares of Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock valued at $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings 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 purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. boosted its stake in Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after purchasing an additional 1,020,512 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Agree Realty by 2.8% during the 4th 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 buying an additional 57,492 shares in 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.

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