Agree Realty (NYSE:ADC) Given New $72.00 Price Target at Citigroup

Key Points

• Citigroup lowered Agree Realty’s price target from $82.50 to $72.00 while maintaining a “neutral” rating; the new target implies approximately 8% upside from the reported $66.67 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $80.21, despite several recent target reductions.
• Agree Realty exceeded quarterly expectations, reporting $1.15 in EPS versus the $0.47 estimate and $213.88 million in revenue, up 16.7% year over year. Insiders have also purchased roughly 48,496 shares worth $3.42 million over the past 90 days.

Agree Realty (NYSE:ADC - Get Free Report) had its price objective reduced by stock analysts at Citigroup from $82.50 to $72.00 in a research note issued on Friday, Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price points to a potential upside of 8.00% from the company's current price.

A number of other research analysts have also issued reports on the company. Robert W. Baird decreased their target price on Agree Realty from $77.00 to $76.00 and set an "outperform" rating for the company in a report on Wednesday. Barclays cut their price target on Agree Realty from $85.00 to $76.00 and set an "equal weight" rating on the stock in a report on Tuesday. Stifel Nicolaus reduced their price target on Agree Realty from $81.50 to $76.50 and set a "buy" rating on the stock in a research report on Wednesday. Truist Financial started coverage on Agree Realty in a research note on Thursday, October 1st. They issued a "buy" rating and a $75.00 price objective for the company. Finally, Mizuho decreased their price objective on Agree Realty from $80.00 to $72.00 and set a "neutral" rating for the company in a research note on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of "Moderate Buy" and an average target price of $80.21.

Agree Realty Stock Down 0.6%

Agree Realty stock traded down $0.40 during mid-day trading on Friday, reaching $66.67. 671,447 shares of the company's stock were exchanged, compared to its average volume of 1,343,913. The company has a quick ratio of 0.82, a current ratio of 1.01 and a debt-to-equity ratio of 0.55. Agree Realty has a twelve month low of $64.34 and a twelve month high of $82.08. The company has a market cap of $8.67 billion, a P/E ratio of 34.31, a P/E/G ratio of 2.16 and a beta of 0.42. The company has a fifty day moving average of $69.55 and a 200-day moving average of $74.05.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 EPS for the quarter, topping the consensus estimate of $0.47 by $0.68. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The business had revenue of $213.88 million during the quarter, compared to the consensus estimate of $211.52 million. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The company's quarterly revenue was up 16.7% compared to the same quarter last year. Sell-side analysts expect that Agree Realty will post 4.45 EPS for the current year.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, insider Craig Erlich purchased 1,000 shares of the firm's stock in a transaction on Monday, September 21st. The stock was bought at an average cost of $67.55 per share, with a total value of $67,550.00. Following the acquisition, the insider directly owned 60,388 shares of the company's stock, valued at approximately $4,079,209.40. This represents a 1.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joey Agree acquired 7,360 shares of the company's stock in a transaction dated Wednesday, September 16th. The stock was acquired at an average price of $68.06 per share, for a total transaction of $500,921.60. Following the acquisition, the chief executive officer owned 682,465 shares in the company, valued at approximately $46,448,567.90. The trade was a 1.09% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 48,496 shares of company stock worth $3,418,670 over the last ninety days. Corporate insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently added to or reduced their stakes in the stock. James Investment Research Inc. boosted its position in shares of Agree Realty by 41.4% in the 3rd quarter. James Investment Research Inc. now owns 18,821 shares of the real estate investment trust's stock valued at $1,257,000 after purchasing an additional 5,511 shares during the period. Inspire Investing LLC increased its position in Agree Realty by 15.4% during the third quarter. Inspire Investing LLC now owns 6,848 shares of the real estate investment trust's stock worth $458,000 after buying an additional 916 shares during the period. Lmcg Investments LLC increased its position in Agree Realty by 1.1% during the third quarter. Lmcg Investments LLC now owns 153,668 shares of the real estate investment trust's stock worth $10,267,000 after buying an additional 1,623 shares during the period. Crossmark Global Holdings Inc. increased its position in Agree Realty by 13.6% during the third quarter. Crossmark Global Holdings Inc. now owns 9,808 shares of the real estate investment trust's stock worth $655,000 after buying an additional 1,172 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Agree Realty by 6.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 35,168 shares of the real estate investment trust's stock valued at $2,350,000 after buying an additional 2,204 shares during 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 real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.

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