Agree Realty (NYSE:ADC) Price Target Increased to $83.00 by Analysts at Royal Bank of Canada

Agree Realty (NYSE:ADCGet Rating) had its price objective raised by analysts at Royal Bank of Canada from $76.00 to $83.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 8.07% from the company’s previous close.

A number of other brokerages have also commented on ADC. Jefferies Financial Group boosted their target price on Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, June 30th. JMP Securities increased their target price on Agree Realty from $81.00 to $82.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Raymond James increased their target price on Agree Realty from $76.00 to $85.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 8th. Truist Financial upped their price target on shares of Agree Realty from $74.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, June 1st. Finally, Bank of America raised shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $76.00 to $78.00 in a report on Thursday, June 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.77.

Agree Realty Stock Performance

ADC opened at $76.80 on Thursday. The business has a 50 day moving average of $73.05 and a 200-day moving average of $68.56. Agree Realty has a 12-month low of $61.62 and a 12-month high of $79.98. The company has a quick ratio of 1.04, a current ratio of 0.98 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 40.64, a PEG ratio of 2.69 and a beta of 0.39.

Agree Realty (NYSE:ADCGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. Agree Realty had a return on equity of 4.38% and a net margin of 37.13%. During the same period last year, the business posted $0.89 EPS. On average, equities research analysts expect that Agree Realty will post 3.88 earnings per share for the current year.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently added to or reduced their stakes in the company. North Star Investment Management Corp. purchased a new stake in Agree Realty in the 1st quarter valued at about $33,000. AGF Investments LLC purchased a new stake in Agree Realty in the 4th quarter valued at about $37,000. CWM LLC boosted its position in Agree Realty by 261.5% in the 1st quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 408 shares during the period. Prospera Financial Services Inc purchased a new stake in Agree Realty in the 1st quarter valued at about $38,000. Finally, New Century Advisors LLC boosted its position in Agree Realty by 56.1% in the 2nd quarter. New Century Advisors LLC now owns 576 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 207 shares during the period.

About Agree Realty

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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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Analyst Recommendations for Agree Realty (NYSE:ADC)

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