Agree Realty (NYSE:ADC) Price Target Raised to $82.00

Key Points

• UBS Group has raised its price target for Agree Realty (NYSE:ADC) from $80.00 to $82.00, suggesting a potential upside of 13.18% from its previous close.
• Various analysts have mixed ratings on Agree Realty, with one downgrade to "sell" and several upgrades, resulting in a consensus rating of "Moderate Buy" and an average target price of $80.61.
• The recent quarterly earnings report showed Agree Realty beating estimates with $1.06 earnings per share, up 15.0% year-over-year, and revenue of $175.53 million.

Agree Realty (NYSE:ADC - Get Free Report) had its price objective raised by stock analysts at UBS Group from $80.00 to $82.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the real estate investment trust's stock. UBS Group's price objective would suggest a potential upside of 13.56% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Stifel Nicolaus raised their target price on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Mizuho reduced their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $80.61.

Agree Realty Trading Down 0.1%

Shares of ADC stock traded down $0.06 on Tuesday, hitting $72.21. The company had a trading volume of 757,027 shares, compared to its average volume of 1,068,922. The stock's 50-day moving average is $73.27 and its two-hundred day moving average is $74.24. Agree Realty has a twelve month low of $67.58 and a twelve month high of $79.65. The firm has a market cap of $7.99 billion, a P/E ratio of 42.98, a P/E/G ratio of 2.35 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71.

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

Insider Buying and Selling at Agree Realty

In related news, CEO Joey Agree bought 4,108 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the acquisition, the chief executive officer directly owned 633,060 shares of the company's stock, valued at $45,675,279. This trade represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. lifted its holdings in Agree Realty by 7.2% during the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock worth $151,000 after acquiring an additional 132 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after acquiring an additional 139 shares during the period. Azzad Asset Management Inc. ADV lifted its holdings in Agree Realty by 2.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock worth $531,000 after acquiring an additional 187 shares during the period. Journey Strategic Wealth LLC lifted its holdings in Agree Realty by 3.6% during the first quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock worth $509,000 after acquiring an additional 229 shares during the period. Finally, Evergreen Capital Management LLC lifted its holdings in Agree Realty by 5.5% during the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock worth $344,000 after acquiring an additional 232 shares during the period. 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.