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

StockNews.com cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research report sent to investors on Thursday.

ADC has been the topic of a number of other reports. Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday. Wells Fargo & Company lowered 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. Royal Bank of Canada raised their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Trading Up 0.5 %

ADC opened at $75.97 on Thursday. The company has a fifty day moving average price of $75.03 and a two-hundred day moving average price of $68.55. Agree Realty has a 1-year low of $54.28 and a 1-year high of $77.47. The company has a market cap of $7.86 billion, a P/E ratio of 41.97, a price-to-earnings-growth ratio of 3.08 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last issued its 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). The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.00 earnings per share. Analysts predict that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 4.00%. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Swiss National Bank boosted its stake in Agree Realty by 4.6% in the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock valued at $11,332,000 after acquiring an additional 8,700 shares during the last quarter. Virtu Financial LLC purchased a new position in Agree Realty in the first quarter valued at approximately $599,000. PGGM Investments bought a new position in Agree Realty during the second quarter valued at $70,225,000. Ontario Teachers Pension Plan Board purchased a new stake in Agree Realty in the first quarter worth $828,000. Finally, AQR Capital Management LLC raised its stake in shares of Agree Realty by 67.4% in the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after buying an additional 186,285 shares during the period. Hedge funds and other institutional investors 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.