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 report sent to investors on Thursday morning.

Other equities analysts have also recently issued research reports about the stock. UBS Group raised their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Robert W. Baird increased their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Truist Financial boosted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Stifel Nicolaus increased their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Stock Up 0.8 %

Shares of NYSE:ADC traded up $0.59 during midday trading on Thursday, reaching $76.18. The company had a trading volume of 157,641 shares, compared to its average volume of 968,152. Agree Realty has a one year low of $54.28 and a one year high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market capitalization of $7.89 billion, a P/E ratio of 41.75, a PEG ratio of 3.11 and a beta of 0.61. The stock’s fifty day moving average price is $75.00 and its 200-day moving average price is $68.30.

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

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is presently 167.96%.

Hedge Funds Weigh In On Agree Realty

Several large investors have recently made changes to their positions in ADC. Dana Investment Advisors Inc. grew its holdings in shares of Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after acquiring an additional 170 shares during the last quarter. Capital Square LLC lifted its stake in Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

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.