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

Key Points

• KeyCorp has increased its price target for Agree Realty (ADC) from $80.00 to $82.00, suggesting a potential upside of 9.16% from its current price, with an "overweight" rating on the stock.
• In the most recent quarter, Agree Realty reported $1.10 earnings per share, outperforming estimates, and its revenue rose by 18.7% year-over-year.
• Insider trades show CEO Joey Agree and Director John Rakolta Jr. have recently increased their stakes in the company, indicating confidence in its future performance.

Agree Realty (NYSE:ADC - Get Free Report) had its price objective increased by equities research analysts at KeyCorp from $80.00 to $82.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. KeyCorp's price target would indicate a potential upside of 9.16% from the stock's current price.

ADC has been the subject of several other reports. Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research note on Friday, July 11th. Evercore ISI increased their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. UBS Group increased their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Finally, Royal Bank Of Canada raised their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday. Nine investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.88.

Agree Realty Stock Down 0.0%

Shares of Agree Realty stock opened at $75.12 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.71. The company has a 50-day moving average of $72.41 and a 200 day moving average of $73.64. The firm has a market cap of $8.31 billion, a price-to-earnings ratio of 43.93, a PEG ratio of 2.44 and a beta of 0.55. Agree Realty has a 1 year low of $67.58 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $183.22 million during the quarter, compared to analyst estimates of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. Agree Realty's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the business earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, sell-side analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Agree Realty

In related news, CEO Joey Agree purchased 3,528 shares of Agree Realty stock in a transaction dated Thursday, October 2nd. The stock was purchased at an average cost of $70.63 per share, for a total transaction of $249,182.64. Following the completion of the purchase, the chief executive officer directly owned 638,688 shares of the company's stock, valued at $45,110,533.44. The trade was a 0.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John Rakolta, Jr. purchased 25,154 shares of Agree Realty stock in a transaction dated Tuesday, October 7th. The stock was bought at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the completion of the purchase, the director directly owned 553,700 shares of the company's stock, valued at approximately $38,986,017. This trade represents a 4.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 36,742 shares of company stock valued at $2,601,704. Insiders own 1.80% of the company's stock.

Institutional Trading of Agree Realty

Large investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. bought a new stake in shares of Agree Realty in the first quarter worth approximately $27,000. Farther Finance Advisors LLC boosted its holdings in shares of Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust's stock worth $28,000 after buying an additional 306 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of Agree Realty in the first quarter worth approximately $33,000. Larson Financial Group LLC boosted its holdings in shares of Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock worth $42,000 after buying an additional 440 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust's stock worth $42,000 after buying an additional 356 shares during the last quarter. 97.83% of the stock is currently owned by 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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