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 research report sent to investors on Monday morning.

A number of other equities analysts have also issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. UBS Group upped their target price on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Royal Bank of Canada raised their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. BTIG Research lifted their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Truist Financial boosted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average target price of $76.89.

Agree Realty Price Performance

Agree Realty stock opened at $74.33 on Monday. The company’s 50 day simple moving average is $75.25 and its 200-day simple moving average is $70.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of 41.07, a price-to-earnings-growth ratio of 3.68 and a beta of 0.62.

Agree Realty (NYSE:ADC) last posted 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 analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 EPS. As a group, equities research analysts expect that Agree Realty will post 4.12 earnings per share for the current 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 4.08%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dana Investment Advisors Inc. raised its stake in Agree Realty by 0.6% during the second 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 in the last quarter. Capital Square LLC boosted its holdings in 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 purchasing an additional 179 shares during the period. Blue Trust Inc. increased its stake 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 purchasing an additional 213 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 216 shares during the period. Finally, State of Alaska Department of Revenue lifted its position in shares of Agree Realty by 0.4% in the 3rd 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 buying an additional 224 shares during 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.