Agree Realty (NYSE:ADC) Raised to “Hold” at StockNews.com

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

A number of other research firms have also recently weighed in on ADC. BTIG Research increased their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Royal Bank of Canada dropped their price target on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company reduced their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Stifel Nicolaus lowered their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Stock Performance

Shares of ADC stock opened at $72.46 on Wednesday. The company has a market cap of $7.50 billion, a P/E ratio of 40.03, a PEG ratio of 2.41 and a beta of 0.64. The business has a 50 day moving average of $73.25 and a two-hundred day moving average of $72.43. 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.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the firm earned $1.00 EPS. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, analysts anticipate that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.19%. Agree Realty’s dividend payout ratio is currently 167.96%.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Versant Capital Management Inc grew its position in Agree Realty by 230.7% in the fourth 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. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 230 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty during the third quarter worth $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty during the third quarter valued at $77,000. 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.