Wells Fargo & Company Reaffirms Overweight Rating for Agree Realty (NYSE:ADC)

Agree Realty (NYSE:ADC)‘s stock had its “overweight” rating restated by research analysts at Wells Fargo & Company in a report issued on Tuesday, Benzinga reports. They currently have a $80.00 price target on the real estate investment trust’s stock, up from their previous price target of $77.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 6.24% from the company’s previous close.

Other analysts have also issued reports about the stock. Royal Bank of Canada boosted their target price on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. KeyCorp assumed coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price on the stock. Raymond James lifted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial upped their target price on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, UBS Group raised their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.21.

Agree Realty Stock Performance

Agree Realty stock opened at $75.30 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $7.58 billion, a P/E ratio of 44.29, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.30. The company’s 50-day moving average is $73.04 and its 200 day moving average is $64.41.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. Research analysts forecast that Agree Realty will post 4.11 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Dana Investment Advisors Inc. increased its holdings in shares of Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after purchasing an additional 170 shares during the period. Capital Square LLC boosted its holdings in shares of Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after acquiring an additional 179 shares during the last quarter. Blue Trust Inc. lifted its position in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 213 shares during the period. Commonwealth Equity Services LLC grew its holdings in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 216 shares during the period. Finally, State of Alaska Department of Revenue raised its position in Agree Realty by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after acquiring an additional 297 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.