Evercore ISI Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Key Points

• Evercore ISI raised its price target for Agree Realty's stock from $83.00 to $85.00, indicating a potential upside of 15.72% from its current price.
• Despite the positive outlook from Evercore, other analysts have mixed ratings, with Morgan Stanley downgrading the stock to an "equal weight" with a target of $75.00.
• Insider activity includes CEO Joey Agree purchasing 4,108 shares at an average cost of $72.15, indicating confidence in the company's future performance.

Agree Realty (NYSE:ADC - Get Free Report) had its price objective lifted by equities researchers at Evercore ISI from $83.00 to $85.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the real estate investment trust's stock. Evercore ISI's price target indicates a potential upside of 15.72% from the stock's current price.

Other analysts also recently issued reports about the company. Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research report on Friday, July 11th. Truist Financial set a $84.00 price target on Agree Realty in a research report on Friday, August 8th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Finally, UBS Group increased their price target on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Nine analysts have rated the stock with a Buy rating and six 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 $80.58.

Agree Realty Stock Performance

Shares of ADC opened at $73.45 on Monday. Agree Realty has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a 50 day moving average price of $72.70 and a two-hundred day moving average price of $74.32. The firm has a market capitalization of $8.13 billion, a P/E ratio of 43.63, a P/E/G ratio of 2.44 and a beta of 0.56.

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

Insiders Place Their Bets

In related news, CEO Joey Agree purchased 4,108 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $72.15 per share, with a total value 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 approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Greg Lehmkuhl acquired 750 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, with a total value of $54,630.00. Following the purchase, the director directly owned 27,684 shares of the company's stock, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The disclosure for this purchase can be found here. Insiders bought 7,700 shares of company stock valued at $555,926 over the last ninety days. Corporate insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Agree Realty by 2.7% during the second quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust's stock worth $1,119,037,000 after purchasing an additional 403,048 shares during the last quarter. State Street Corp lifted its stake in shares of Agree Realty by 7.1% in the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust's stock valued at $422,629,000 after acquiring an additional 381,438 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Agree Realty by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust's stock valued at $205,489,000 after acquiring an additional 170,827 shares during the last quarter. Centersquare Investment Management LLC lifted its stake in shares of Agree Realty by 10.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock valued at $187,723,000 after acquiring an additional 234,641 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Agree Realty by 17.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock valued at $180,487,000 after acquiring an additional 353,884 shares during the last quarter. 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.

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