Agree Realty (NYSE:ADC) Lowered to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research note published on Thursday morning.

Other research analysts also recently issued reports about the company. Truist Financial upped 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. Wells Fargo & Company decreased their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. BTIG Research upped their price target on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. UBS Group raised their price target on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Raymond James boosted their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $75.97 on Thursday. The company has a market capitalization of $7.86 billion, a PE ratio of 41.97, a price-to-earnings-growth ratio of 3.11 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company’s fifty day moving average price is $75.03 and its 200 day moving average price is $68.55. Agree Realty has a 1 year low of $54.28 and a 1 year high of $77.47.

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

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is currently 167.40%.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MCF Advisors LLC purchased a new stake in shares of Agree Realty in the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV boosted its holdings in Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty in the 3rd quarter valued at approximately $75,000. Finally, Headlands Technologies LLC increased its holdings in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.