Agree Realty (NYSE:ADC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

ADC has been the topic of a number of other reports. Huntington started coverage on shares of Agree Realty in a research report on Wednesday, July 15th. They set an “outperform” rating and a $84.00 price target on the stock. Robert W. Baird cut their price objective on shares of Agree Realty from $77.00 to $76.00 and set an “outperform” rating for the company in a report on Wednesday, October 21st. Truist Financial assumed coverage on shares of Agree Realty in a report on Thursday, October 1st. They issued a “buy” rating and a $75.00 price objective for the company. Citigroup decreased their target price on shares of Agree Realty from $82.50 to $72.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Mizuho lowered their target price on Agree Realty from $80.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.09.

Agree Realty Trading Up 1.1%

Shares of ADC stock opened at $67.45 on Friday. Agree Realty has a fifty-two week low of $64.34 and a fifty-two week high of $82.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s fifty day moving average is $69.29 and its two-hundred day moving average is $74.55. The firm has a market capitalization of $8.78 billion, a P/E ratio of 14.69, a PEG ratio of 2.96 and a beta of 0.42.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.68. The business had revenue of $213.88 million during the quarter, compared to analyst estimates of $211.52 million. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 earnings per share. Research analysts expect that Agree Realty will post 4.45 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $0.2710 per share. This represents a $3.25 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Agree Realty’s previous monthly dividend of $0.2670. Agree Realty’s dividend payout ratio is presently 164.95%.

Insider Activity

In other news, insider Craig Erlich acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was purchased at an average price of $67.55 per share, with a total value of $67,550.00. Following the completion of the acquisition, the insider owned 60,388 shares of the company’s stock, valued at $4,079,209.40. This trade represents a 1.68% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joey Agree acquired 7,360 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was purchased at an average cost of $68.06 per share, with a total value of $500,921.60. Following the acquisition, the chief executive officer directly owned 682,465 shares of the company’s stock, valued at $46,448,567.90. This trade represents a 1.09% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 48,496 shares of company stock valued at $3,418,670. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of the company. Signaturefd LLC grew its stake in shares of Agree Realty by 3.0% in the 3rd quarter. Signaturefd LLC now owns 13,371 shares of the real estate investment trust’s stock valued at $893,000 after buying an additional 389 shares during the period. James Investment Research Inc. increased its holdings in shares of Agree Realty by 41.4% during the 3rd quarter. James Investment Research Inc. now owns 18,821 shares of the real estate investment trust’s stock worth $1,257,000 after buying an additional 5,511 shares during the last quarter. Inspire Investing LLC increased its holdings in shares of Agree Realty by 15.4% during the 3rd quarter. Inspire Investing LLC now owns 6,848 shares of the real estate investment trust’s stock worth $458,000 after buying an additional 916 shares during the last quarter. Lmcg Investments LLC raised its position in shares of Agree Realty by 1.1% during the 3rd quarter. Lmcg Investments LLC now owns 153,668 shares of the real estate investment trust’s stock valued at $10,267,000 after buying an additional 1,623 shares during the period. Finally, Crossmark Global Holdings Inc. raised its position in shares of Agree Realty by 13.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 9,808 shares of the real estate investment trust’s stock valued at $655,000 after buying an additional 1,172 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

About Agree Realty

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.