Agree Realty (NYSE:ADC) Stock Rating Upgraded by StockNews.com

Agree Realty (NYSE:ADC) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other analysts have also issued reports on the stock. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Mizuho upped their target price on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Evercore ISI upped their price objective on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Finally, Royal Bank of Canada decreased their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $80.88.

Agree Realty Stock Performance

Agree Realty stock opened at $76.29 on Friday. Agree Realty has a 12-month low of $58.07 and a 12-month high of $79.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 42.86, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The firm’s fifty day moving average price is $75.71 and its 200 day moving average price is $74.12.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, April 22nd. 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 3.70% and a net margin of 30.66%. The business had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. On average, research analysts forecast that Agree Realty will post 4.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC grew its position in Agree Realty by 129.4% in the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock valued at $18,062,000 after buying an additional 135,274 shares in the last quarter. World Investment Advisors LLC bought a new position in shares of Agree Realty in the third quarter valued at approximately $211,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the third quarter valued at approximately $77,000. Franklin Resources Inc. raised its holdings in Agree Realty by 8.2% during the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock worth $4,917,000 after purchasing an additional 5,039 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares during the period. Institutional investors own 97.83% of the company’s stock.

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.