Wells Fargo & Company Increases Agree Realty (NYSE:ADC) Price Target to $83.00

Agree Realty (NYSE:ADC) had its target price upped by equities research analysts at Wells Fargo & Company from $81.00 to $83.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 10.45% from the stock’s previous close.

A number of other brokerages have also issued reports on ADC. Truist Financial cut their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. KeyCorp raised their price target on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, October 24th. UBS Group lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, August 12th. Barclays lowered their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.88.

Agree Realty Price Performance

NYSE:ADC traded up $0.82 on Tuesday, reaching $75.15. 185,972 shares of the company’s stock traded hands, compared to its average volume of 1,131,317. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The stock has a 50-day simple moving average of $72.76 and a 200-day simple moving average of $73.20. The firm has a market cap of $8.64 billion, a PE ratio of 43.95, a P/E/G ratio of 2.28 and a beta of 0.55. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65.

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 for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm had revenue of $183.22 million during the quarter, compared to analyst estimates of $181.87 million. During the same quarter in the prior year, the company posted $1.03 earnings per share. The business’s quarterly revenue was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Equities research analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Greg Lehmkuhl acquired 750 shares of the company’s stock in a transaction on Friday, September 5th. The stock was bought at an average cost of $72.84 per share, with a total value of $54,630.00. Following the completion of the purchase, the director directly owned 27,684 shares of the company’s stock, valued at $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joey Agree bought 3,528 shares of Agree Realty stock in a transaction dated Thursday, October 2nd. The stock was purchased at an average cost of $70.63 per share, for a total transaction of $249,182.64. Following the purchase, the chief executive officer owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 29,792 shares of company stock worth $2,100,408. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in Agree Realty in the third quarter worth about $2,063,000. Coldstream Capital Management Inc. raised its holdings in shares of Agree Realty by 11.5% in the third quarter. Coldstream Capital Management Inc. now owns 4,889 shares of the real estate investment trust’s stock worth $347,000 after buying an additional 504 shares during the period. Danske Bank A S purchased a new stake in shares of Agree Realty in the third quarter worth approximately $64,000. Advisory Services Network LLC bought a new stake in shares of Agree Realty during the 3rd quarter worth approximately $59,000. Finally, Integrated Investment Consultants LLC boosted its holdings in Agree Realty by 10.6% during the 3rd quarter. Integrated Investment Consultants LLC now owns 5,715 shares of the real estate investment trust’s stock valued at $406,000 after acquiring an additional 548 shares during the period. 97.83% of the stock is currently owned by 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.