Truist Financial Increases Agree Realty (NYSE:ADC) Price Target to $77.00

Agree Realty (NYSE:ADCGet Rating) had its target price upped by equities researchers at Truist Financial from $74.00 to $77.00 in a research note issued on Wednesday, The Fly reports. Truist Financial’s price target suggests a potential upside of 10.68% from the stock’s current price.

A number of other research firms also recently issued reports on ADC. JMP Securities began coverage on shares of Agree Realty in a research note on Tuesday, May 10th. They set an “outperform” rating and a $81.00 price target on the stock. Morgan Stanley began coverage on shares of Agree Realty in a research note on Friday, April 1st. They set an “overweight” rating and a $75.00 price target on the stock. Stifel Nicolaus decreased their price target on shares of Agree Realty from $81.00 to $80.50 and set a “buy” rating on the stock in a research note on Wednesday, February 23rd. Royal Bank of Canada decreased their price target on shares of Agree Realty from $80.00 to $75.00 in a research note on Thursday, February 24th. Finally, Raymond James cut their price objective on shares of Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating on the stock in a research report on Thursday, February 24th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $76.21.

ADC stock opened at $69.57 on Wednesday. Agree Realty has a one year low of $61.62 and a one year high of $75.95. The company’s fifty day moving average price is $68.35 and its 200-day moving average price is $67.16. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $5.23 billion, a PE ratio of 39.08, a price-to-earnings-growth ratio of 2.51 and a beta of 0.40.

Agree Realty (NYSE:ADCGet Rating) last released its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. Agree Realty had a net margin of 35.65% and a return on equity of 3.94%. During the same period in the prior year, the firm earned $0.84 EPS. On average, research analysts predict that Agree Realty will post 3.89 EPS for the current fiscal year.

In other Agree Realty news, CEO Joey Agree bought 1,749 shares of the company’s stock in a transaction on Tuesday, March 22nd. The shares were bought at an average cost of $64.03 per share, for a total transaction of $111,988.47. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ADC. Advisor Partners LLC raised its position in shares of Agree Realty by 5.0% in the 1st quarter. Advisor Partners LLC now owns 3,277 shares of the real estate investment trust’s stock valued at $217,000 after purchasing an additional 156 shares during the last quarter. State of Tennessee Treasury Department raised its position in shares of Agree Realty by 0.4% in the 4th quarter. State of Tennessee Treasury Department now owns 38,756 shares of the real estate investment trust’s stock valued at $2,766,000 after purchasing an additional 160 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Agree Realty by 4.1% in the 3rd quarter. HighTower Advisors LLC now owns 4,251 shares of the real estate investment trust’s stock valued at $281,000 after purchasing an additional 168 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Agree Realty by 3.5% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock valued at $362,000 after purchasing an additional 183 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Agree Realty by 1.3% in the 3rd quarter. Arizona State Retirement System now owns 17,473 shares of the real estate investment trust’s stock valued at $1,157,000 after purchasing an additional 220 shares during the last quarter.

Agree Realty Company Profile (Get Rating)

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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