StockNews.com Downgrades Agree Realty (NYSE:ADC) to Sell

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

Other equities analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. Robert W. Baird lifted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Mizuho upped their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Wells Fargo & Company cut their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Agree Realty Price Performance

Agree Realty stock opened at $69.65 on Tuesday. The company’s 50 day simple moving average is $73.76 and its 200-day simple moving average is $72.06. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $152.83 million. During the same quarter last year, the company earned $1.00 earnings per share. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities research analysts expect that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.36%. Agree Realty’s payout ratio is currently 167.40%.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in shares of Agree Realty by 34.5% in the 4th quarter. GAMMA Investing LLC now owns 2,897 shares of the real estate investment trust’s stock valued at $204,000 after buying an additional 743 shares in the last quarter. Versant Capital Management Inc lifted its position in Agree Realty by 230.7% in 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 during the last quarter. JPMorgan Chase & Co. boosted its stake in Agree Realty by 37.3% in 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 acquiring an additional 990,362 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Agree Realty by 8.2% during the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock worth $4,917,000 after purchasing an additional 5,039 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty during the third quarter worth about $77,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Company Profile

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.