Agree Realty (NYSE:ADC) Downgraded by StockNews.com

StockNews.com downgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

Several other equities research analysts have also weighed in on the company. BMO Capital Markets began coverage on Agree Realty in a report on Tuesday, February 13th. They issued an outperform rating and a $69.00 target price for the company. JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd. Mizuho cut their target price on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a research report on Thursday, March 7th. Wells Fargo & Company lowered their price target on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday, February 20th. Finally, Truist Financial cut their price objective on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty has a consensus rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Trading Down 0.0 %

Agree Realty stock opened at $58.77 on Friday. Agree Realty has a one year low of $52.69 and a one year high of $69.26. The company’s fifty day moving average price is $56.77 and its two-hundred day moving average price is $58.43. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $5.91 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 2.70 and a beta of 0.52.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 5.10%. Agree Realty’s dividend payout ratio is 176.47%.

Insiders Place Their Bets

In related news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John Rakolta, Jr. acquired 20,430 shares of Agree Realty stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 42,482 shares of company stock valued at $2,397,572. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Norges Bank acquired a new position in shares of Agree Realty during the 4th quarter worth approximately $71,409,000. Principal Financial Group Inc. increased its holdings in shares of Agree Realty by 12.1% in the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after purchasing an additional 719,430 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after purchasing an additional 462,828 shares during the period. Jupiter Asset Management Ltd. lifted its stake in shares of Agree Realty by 2,442.7% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock worth $25,828,000 after buying an additional 449,167 shares during the last quarter. Finally, Cincinnati Insurance Co. boosted its holdings in shares of Agree Realty by 106.7% during the 1st quarter. Cincinnati Insurance Co. now owns 789,500 shares of the real estate investment trust’s stock worth $45,096,000 after buying an additional 407,500 shares during the period. 97.83% of the stock is owned by institutional investors.

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.