Evercore ISI Lowers Agree Realty (NYSE:ADC) Price Target to $83.00

Agree Realty (NYSE:ADC) had its price target lowered by research analysts at Evercore ISI from $85.00 to $83.00 in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would suggest a potential upside of 16.83% from the company’s current price.

Several other research firms also recently issued reports on ADC. Royal Bank Of Canada increased their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. KeyCorp lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Barclays boosted their price objective on Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Finally, Truist Financial decreased their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $80.50.

Agree Realty Stock Down 1.1%

Shares of ADC opened at $71.04 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65. The stock’s 50 day moving average is $73.50 and its two-hundred day moving average is $73.05. The firm has a market cap of $8.16 billion, a P/E ratio of 41.54, a PEG ratio of 2.34 and a beta of 0.54.

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

Insider Activity at Agree Realty

In related news, insider Craig Erlich bought 360 shares of the company’s stock in a transaction on Friday, October 3rd. The stock was bought at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the acquisition, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. This represents a 0.69% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Rakolta, Jr. bought 25,154 shares of the business’s stock in a transaction on Tuesday, October 7th. The stock was bought at an average cost 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 in the company, valued at approximately $38,986,017. The trade was a 4.76% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 29,042 shares of company stock valued at $2,045,778. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $913,000. Vestmark Advisory Solutions Inc. raised its position in Agree Realty by 102.2% in the first quarter. Vestmark Advisory Solutions Inc. now owns 6,200 shares of the real estate investment trust’s stock valued at $479,000 after purchasing an additional 3,134 shares during the period. Dimensional Fund Advisors LP lifted its stake in Agree Realty by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock worth $122,049,000 after purchasing an additional 31,030 shares in the last quarter. Ethic Inc. boosted its position in shares of Agree Realty by 182.1% during the first quarter. Ethic Inc. now owns 8,850 shares of the real estate investment trust’s stock worth $680,000 after buying an additional 5,713 shares during the period. Finally, Raymond James Financial Inc. boosted its position in shares of Agree Realty by 1.4% during the first quarter. Raymond James Financial Inc. now owns 1,459,633 shares of the real estate investment trust’s stock worth $112,669,000 after buying an additional 20,575 shares during the period. 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.