Agree Realty (NYSE:ADC) Lowered to Sell Rating by StockNews.com

StockNews.com cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research note released on Monday.

Other equities research analysts also recently issued reports about the stock. KeyCorp upped their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. UBS Group upped their price target on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Raymond James upped their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company decreased their price target 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. Finally, BTIG Research upped their price target on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, three have given 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.com, Agree Realty has an average rating of “Moderate Buy” and an average target price of $76.04.

Agree Realty Price Performance

ADC opened at $74.46 on Monday. The firm’s fifty day moving average price is $75.30 and its two-hundred day moving average price is $70.50. 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 company has a market capitalization of $7.71 billion, a price-to-earnings ratio of 41.14, a P/E/G ratio of 3.68 and a beta of 0.62. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39.

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 analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations 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 period last year, the firm posted $1.00 earnings per share. As a group, analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business 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 dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Institutional Trading of Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. CWM LLC raised its holdings in Agree Realty by 52.9% in the second quarter. CWM LLC now owns 3,187 shares of the real estate investment trust’s stock worth $197,000 after purchasing an additional 1,102 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Agree Realty in the second quarter worth $564,000. PGGM Investments bought a new position in shares of Agree Realty during the second quarter valued at $70,225,000. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Agree Realty by 3.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,873 shares of the real estate investment trust’s stock valued at $612,000 after acquiring an additional 326 shares in the last quarter. Finally, Vanderbilt University bought a new position in shares of Agree Realty during the second quarter valued at $421,000. 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.