Mizuho Cuts Agree Realty (NYSE:ADC) Price Target to $74.00

Agree Realty (NYSE:ADC) had its target price decreased by stock analysts at Mizuho from $80.00 to $74.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Mizuho’s price target would indicate a potential upside of 5.52% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and raised their price target for the company from $79.00 to $84.00 in a report on Monday. Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. KeyCorp boosted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Agree Realty Price Performance

NYSE:ADC traded up $0.09 during mid-day trading on Wednesday, reaching $70.13. 137,832 shares of the company were exchanged, compared to its average volume of 1,143,356. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a market cap of $7.26 billion, a PE ratio of 38.75, a PEG ratio of 3.66 and a beta of 0.64. 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 company has a fifty day moving average of $73.87 and a 200 day moving average of $72.08.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the business posted $1.00 earnings per share. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. On average, research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc raised its holdings in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 293 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares in the last quarter. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Agree Realty during the third quarter valued at $75,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty during the 3rd quarter valued at $77,000. 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.