Agree Realty (NYSE:ADC) Price Target Lowered to $77.00 at Mizuho

Key Points

• Mizuho has lowered its target price for Agree Realty from $78.00 to $77.00, maintaining a "neutral" rating, indicating a potential upside of 6.10% from the current stock price.
• Several other analysts, including Barclays and Morgan Stanley, have also reduced their target prices on Agree Realty, reflecting a consensus rating of "Moderate Buy" with an average price target of $80.42.
• Agree Realty reported a $1.06 EPS for the last quarter, surpassing estimates, and projected earnings guidance of 4.290-4.320 EPS for FY 2025.

Agree Realty (NYSE:ADC - Get Free Report) had its target price decreased by Mizuho from $78.00 to $77.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Mizuho's price objective indicates a potential upside of 6.10% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. Barclays lowered their price target on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, August 20th. Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. UBS Group raised their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research note on Friday, August 8th. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $80.42.

Agree Realty Stock Performance

Agree Realty stock opened at $72.57 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $8.03 billion, a P/E ratio of 43.00, a PEG ratio of 2.42 and a beta of 0.56. Agree Realty has a twelve month low of $67.58 and a twelve month high of $79.65. The stock's 50 day moving average is $72.72 and its 200 day moving average is $74.30.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The company's revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities research analysts predict that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of Agree Realty stock in a transaction dated Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the transaction, the director directly owned 27,684 shares of the company's stock, valued at $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joey Agree purchased 2,100 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the completion of the transaction, the chief executive officer directly owned 635,160 shares in the company, valued at approximately $45,782,332.80. This trade represents a 0.33% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 7,700 shares of company stock valued at $555,926. 1.80% of the stock is owned by company insiders.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its position in Agree Realty by 217.1% in the fourth quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust's stock worth $37,003,000 after acquiring an additional 359,605 shares during the period. Cetera Investment Advisers raised its stake in shares of Agree Realty by 11.6% during the 4th quarter. Cetera Investment Advisers now owns 27,890 shares of the real estate investment trust's stock worth $1,965,000 after acquiring an additional 2,899 shares in the last quarter. Ethic Inc. purchased a new stake in Agree Realty during the 4th quarter worth approximately $221,000. Graham Capital Management L.P. boosted its holdings in shares of Agree Realty by 97.9% in the 4th quarter. Graham Capital Management L.P. now owns 6,596 shares of the real estate investment trust's stock valued at $465,000 after acquiring an additional 3,263 shares during the last quarter. Finally, Millennium Management LLC raised its position in Agree Realty by 1,036.9% during the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock worth $82,518,000 after acquiring an additional 1,068,271 shares during the period. 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.

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