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

StockNews.com lowered shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report published on Thursday morning.

Several other analysts have also commented on ADC. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Wells Fargo & Company reduced their target price 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. Raymond James lifted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. BTIG Research upped their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, Truist Financial lifted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Price Performance

ADC stock traded up $0.59 during trading on Thursday, reaching $76.18. 157,641 shares of the company were exchanged, compared to its average volume of 968,152. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock’s 50 day moving average price is $75.00 and its 200 day moving average price is $68.30. Agree Realty has a 52-week low of $54.28 and a 52-week high of $77.47. The company has a market cap of $7.89 billion, a P/E ratio of 41.75, a PEG ratio of 3.11 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings data 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 firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’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 earned $1.00 earnings per share. As a group, analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Heitman Real Estate Securities LLC lifted its holdings in shares of Agree Realty by 32.0% during the 3rd quarter. Heitman Real Estate Securities LLC now owns 750,308 shares of the real estate investment trust’s stock valued at $56,521,000 after acquiring an additional 182,000 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Agree Realty by 24.5% during the third quarter. HighTower Advisors LLC now owns 12,472 shares of the real estate investment trust’s stock worth $957,000 after purchasing an additional 2,453 shares in the last quarter. Bamco Inc. NY acquired a new position in shares of Agree Realty during the third quarter worth about $7,159,000. Waterfront Capital Partners LLC purchased a new stake in shares of Agree Realty in the third quarter worth about $21,326,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Agree Realty by 168.7% in the third quarter. BNP Paribas Financial Markets now owns 103,731 shares of the real estate investment trust’s stock valued at $7,814,000 after buying an additional 65,127 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.