StockNews.com Upgrades Agree Realty (NYSE:ADC) to “Hold”

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

Other equities analysts have also recently issued reports about the stock. Royal Bank of Canada upped their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Raymond James raised their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Robert W. Baird upped their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. UBS Group lifted their target price on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Mizuho boosted their price target 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. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Trading Down 0.1 %

Shares of NYSE:ADC opened at $76.41 on Friday. Agree Realty has a 1 year low of $54.28 and a 1 year high of $77.58. 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 firm has a market capitalization of $7.91 billion, a P/E ratio of 42.57, a P/E/G ratio of 3.10 and a beta of 0.61. The business’s 50-day moving average is $75.10 and its 200 day moving average is $69.28.

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

Agree Realty Dividend Announcement

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. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Dana Investment Advisors Inc. grew its position in 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 purchasing an additional 170 shares during the last quarter. Capital Square LLC grew its holdings in Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. grew its holdings in Agree Realty by 8.8% in the 2nd 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 in the last quarter. Commonwealth Equity Services LLC increased its position in Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 216 shares during the period. Finally, State of Alaska Department of Revenue raised its stake in Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after acquiring an additional 224 shares in the last quarter. 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.