Agree Realty (NYSE:ADC) Given a $77.00 Price Target at Barclays

Agree Realty (NYSE:ADC) has been assigned a $77.00 price objective by Barclays in a research note issued on Wednesday, Marketbeat.com reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target suggests a potential upside of 2.63% from the stock’s previous close.

ADC has been the topic of several other research reports. Truist Financial lifted their price objective on Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Royal Bank of Canada decreased their price objective on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Mizuho lifted their price objective on Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, April 3rd. BTIG Research downgraded Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus raised their target price on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.19.

Agree Realty Stock Up 0.7%

ADC opened at $75.03 on Wednesday. The company has a market cap of $8.25 billion, a P/E ratio of 42.15, a P/E/G ratio of 2.88 and a beta of 0.57. The business’s 50-day moving average price is $75.57 and its 200-day moving average price is $74.12. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty has a 12 month low of $58.52 and a 12 month high of $79.65.

Agree Realty (NYSE:ADC) last released its quarterly earnings data 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. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter in the previous year, the business earned $0.43 earnings per share. On average, equities analysts expect that Agree Realty will post 4.27 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Spire Wealth Management bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $411,000. abrdn plc increased its position in Agree Realty by 33.7% during the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after buying an additional 6,924 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Agree Realty by 3.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after buying an additional 10,446 shares in the last quarter. JPMorgan Chase & Co. increased its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after buying an additional 990,362 shares in the last quarter. Finally, Sage Investment Counsel LLC bought a new position in Agree Realty during the 4th quarter valued at approximately $329,000. Hedge funds and other 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.