Agree Realty (NYSE:ADC) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Agree Realty (NYSE:ADC) had its price target hoisted by analysts at Royal Bank Of Canada from $79.00 to $80.00 in a report issued on Thursday, MarketBeat Ratings reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 7.02% from the company’s previous close.

ADC has been the subject of several other reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Truist Financial set a $84.00 target price on shares of Agree Realty in a report on Friday, August 8th. Barclays lowered their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Finally, Evercore ISI increased their price target on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Nine research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.73.

Agree Realty Stock Performance

NYSE ADC opened at $74.75 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.71. Agree Realty has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a market capitalization of $8.59 billion, a PE ratio of 43.71, a P/E/G ratio of 2.44 and a beta of 0.55. The company has a fifty day moving average of $72.45 and a two-hundred day moving average of $73.67.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The company had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Agree Realty’s revenue for the quarter was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Insider Activity

In other news, Director John Rakolta, Jr. purchased 25,154 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The shares were purchased at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the purchase, the director directly owned 553,700 shares of the company’s stock, valued at approximately $38,986,017. This represents a 4.76% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Craig Erlich purchased 360 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were purchased at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. This trade represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 36,742 shares of company stock worth $2,601,704. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in Agree Realty during the 1st quarter worth $27,000. Farther Finance Advisors LLC increased its position in shares of Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Agree Realty in the 1st quarter worth about $33,000. Larson Financial Group LLC increased its position in shares of Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 440 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 356 shares during the last quarter. 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.