Agree Realty (NYSE:ADC) Cut to “Market Perform” at JMP Securities

JMP Securities downgraded shares of Agree Realty (NYSE:ADC) from an outperform rating to a market perform rating in a research report released on Tuesday morning, Marketbeat reports.

ADC has been the subject of a number of other research reports. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Robert W. Baird upped their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, BTIG Research boosted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $69.44 on Tuesday. The company has a market cap of $7.19 billion, a PE ratio of 38.36, a P/E/G ratio of 3.66 and a beta of 0.62. The business has a 50 day moving average of $75.10 and a 200 day moving average of $71.09. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the firm earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities research analysts forecast that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s payout ratio is 167.40%.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds have recently bought and sold shares of ADC. Dana Investment Advisors Inc. raised its stake in Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the last quarter. Capital Square LLC grew its holdings in shares of Agree Realty by 1.0% in the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after acquiring an additional 179 shares during the period. Blue Trust Inc. increased its position in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 213 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in 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 valued at $427,000 after acquiring an additional 216 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in 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 purchasing an additional 224 shares during the last quarter. Hedge funds and other 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.