Agree Realty (NYSE:ADC) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research report released on Tuesday morning.

A number of other equities analysts have also recently weighed in on ADC. Stifel Nicolaus reduced their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday. Evercore ISI started coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. Mizuho lifted their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. Finally, JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Price Performance

NYSE:ADC opened at $69.65 on Tuesday. The stock has a market capitalization of $7.21 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. 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. The stock’s 50-day moving average price is $73.76 and its 200-day moving average price is $72.06.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.00 earnings per share. As a group, equities analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its stake in Agree Realty by 34.5% during the fourth quarter. GAMMA Investing LLC now owns 2,897 shares of the real estate investment trust’s stock worth $204,000 after purchasing an additional 743 shares during the period. Versant Capital Management Inc increased its holdings in shares of Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after buying an additional 990,362 shares during the period. Franklin Resources Inc. lifted its holdings in Agree Realty by 8.2% in the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock valued at $4,917,000 after acquiring an additional 5,039 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Agree Realty in the third quarter worth approximately $77,000. 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.