Agree Realty (NYSE:ADC) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada analysts have increased their target price for Agree Realty (NYSE:ADC) from $79.00 to $80.00, reflecting a potential upside of 6.50% from its previous close.
• The stock received mixed ratings from various analysts, with eight giving it a Buy rating and seven a Hold rating, resulting in an average rating of Moderate Buy.
• Agree Realty's recent quarterly earnings showed a 18.7% increase in revenue year-over-year, with reported EPS of $1.10 exceeding analysts' expectations.

Agree Realty (NYSE:ADC - Get Free Report) had its target price lifted by stock analysts at Royal Bank Of Canada from $79.00 to $80.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's price objective points to a potential upside of 6.50% from the company's previous close.

A number of other equities research analysts have also recently weighed in on ADC. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Morgan Stanley cut 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. Evercore ISI boosted their target price on Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Weiss Ratings reissued a "hold (c+)" rating on shares of Agree Realty in a report on Wednesday, October 8th. Finally, JMP Securities reissued a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Eight equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.79.

Agree Realty Stock Down 0.0%

NYSE:ADC opened at $75.12 on Thursday. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 43.93, a price-to-earnings-growth ratio of 2.44 and a beta of 0.55. Agree Realty has a one year low of $67.58 and a one year high of $79.65. The stock has a 50-day simple moving average of $72.35 and a 200 day simple moving average of $73.61. 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 posted its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.02. The business had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. Agree Realty had a return on equity of 3.57% and a net margin of 28.11%.The company's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Sell-side analysts predict that Agree Realty will post 4.27 EPS for the current fiscal year.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl purchased 750 shares of the 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 acquisition, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Craig Erlich purchased 360 shares of the stock in a transaction dated Friday, October 3rd. The shares were bought at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the completion of the acquisition, the insider owned 52,846 shares in the company, valued at $3,743,610.64. This represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 36,742 shares of company stock valued at $2,601,704. Insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of the stock. KLP Kapitalforvaltning AS grew its holdings in shares of Agree Realty by 5.1% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 29,100 shares of the real estate investment trust's stock valued at $2,074,000 after acquiring an additional 1,400 shares in the last quarter. CoreCap Advisors LLC grew its holdings in shares of Agree Realty by 15.7% during the 3rd quarter. CoreCap Advisors LLC now owns 53,044 shares of the real estate investment trust's stock valued at $3,768,000 after acquiring an additional 7,186 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Agree Realty by 0.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 209,236 shares of the real estate investment trust's stock valued at $14,864,000 after acquiring an additional 1,577 shares in the last quarter. Signaturefd LLC boosted its holdings in Agree Realty by 4.1% in the third quarter. Signaturefd LLC now owns 11,150 shares of the real estate investment trust's stock worth $792,000 after purchasing an additional 436 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Agree Realty by 41.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 609,030 shares of the real estate investment trust's stock worth $43,680,000 after purchasing an additional 179,808 shares in the last quarter. 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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