Agree Realty (NYSE:ADC) Given “Outperform” Rating at Royal Bank of Canada

Agree Realty (NYSE:ADC)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a report released on Tuesday,Benzinga reports. They presently have a $79.00 price target on the real estate investment trust’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 6.76% from the company’s current price.

ADC has been the topic of several other reports. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Wednesday, January 15th. Stifel Nicolaus decreased their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Mizuho dropped their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Evercore ISI started coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Finally, Robert W. Baird lifted their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $79.07.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $74.00 on Tuesday. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. The stock’s 50 day moving average is $72.85 and its 200-day moving average is $72.93. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $7.66 billion, a price-to-earnings ratio of 40.91, a PEG ratio of 2.52 and a beta of 0.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Citigroup Inc. increased its holdings in shares of Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $26,177,000 after buying an additional 270,093 shares during the last quarter. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Vanderbilt University lifted its stake in Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after purchasing an additional 10,129 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Agree Realty by 40.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after purchasing an additional 33,914 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Agree Realty by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares in 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.