Agree Realty (NYSE:ADC) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research note issued to investors on Monday morning.

A number of other brokerages have also recently commented on ADC. Mizuho cut their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Royal Bank Of Canada lowered their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 6th. Truist Financial dropped their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Stifel Nicolaus set a $83.50 target price on shares of Agree Realty in a research note on Tuesday, November 25th. Finally, Wells Fargo & Company increased their price objective on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Stock Performance

NYSE ADC opened at $73.23 on Monday. The company has a fifty day moving average of $72.78 and a two-hundred day moving average of $72.68. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. Agree Realty has a 1 year low of $68.98 and a 1 year high of $79.65. The company has a market capitalization of $8.42 billion, a PE ratio of 42.82, a P/E/G ratio of 2.27 and a beta of 0.55.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. During the same period in the prior year, the firm earned $1.03 EPS. The business’s revenue was up 18.7% on a year-over-year basis. As a group, analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be issued a $0.262 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, January 30th. Agree Realty’s dividend payout ratio is 183.63%.

Insider Transactions at Agree Realty

In related news, CFO Peter Coughenour acquired 500 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were acquired at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the transaction, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. The trade was a 2.77% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John Rakolta, Jr. acquired 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The shares were bought at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the transaction, the director owned 562,606 shares in the company, valued at $40,608,901.08. This represents a 2.74% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 39,500 shares of company stock valued at $2,813,680 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Hedge funds and other institutional investors have recently modified their holdings of the company. Cetera Investment Advisers raised its position in Agree Realty by 4.4% in the second quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after purchasing an additional 1,351 shares during the period. Fifth Third Bancorp lifted its holdings in Agree Realty by 33.5% in the 2nd quarter. Fifth Third Bancorp now owns 6,030 shares of the real estate investment trust’s stock worth $441,000 after buying an additional 1,512 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 306 shares during the last quarter. Jump Financial LLC lifted its stake in shares of Agree Realty by 169.9% in the second quarter. Jump Financial LLC now owns 208,252 shares of the real estate investment trust’s stock worth $15,215,000 after acquiring an additional 131,100 shares in the last quarter. Finally, Capital Fund Management S.A. acquired a new stake in Agree Realty during the 2nd quarter valued at approximately $1,414,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.