Mizuho Lowers Agree Realty (NYSE:ADC) Price Target to $78.00

Agree Realty (NYSE:ADC) had its price target lowered by research analysts at Mizuho from $81.00 to $78.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Mizuho’s price objective indicates a potential upside of 4.60% from the company’s current price.

ADC has been the topic of a number of other research reports. Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. UBS Group cut their price objective on Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Barclays set a $77.00 target price on Agree Realty and gave the company an “equal weight” rating in a report on Wednesday, May 21st. BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 7th. Finally, Truist Financial increased their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $80.96.

Agree Realty Stock Up 1.1%

Shares of ADC opened at $74.57 on Monday. The company’s 50-day moving average price is $75.49 and its 200 day moving average price is $73.91. Agree Realty has a 12-month low of $60.42 and a 12-month high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The firm has a market cap of $8.20 billion, a P/E ratio of 42.13, a price-to-earnings-growth ratio of 2.31 and a beta of 0.56.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same period last year, the business earned $0.43 earnings per share. On average, sell-side analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Hedge Funds Weigh In On Agree Realty

Several large investors have recently bought and sold shares of ADC. Invst LLC purchased a new position in shares of Agree Realty in the 1st quarter valued at about $765,000. Strs Ohio purchased a new position in Agree Realty in the first quarter valued at approximately $12,056,000. Jane Street Group LLC raised its holdings in Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in Agree Realty during the first quarter worth approximately $269,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Agree Realty by 3.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust’s stock worth $56,628,000 after buying an additional 26,202 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.