Agree Realty (NYSE:ADC) Upgraded to Hold by StockNews.com

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

ADC has been the topic of several other research reports. Mizuho reduced their price target on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, March 7th. Truist Financial cut their target price on Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a research report on Tuesday, February 27th. Royal Bank of Canada cut their target price on Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research report on Thursday, February 15th. Wells Fargo & Company cut their target price 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, JMP Securities raised Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a research report on Monday, January 22nd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $65.61.

Agree Realty Price Performance

ADC traded up $0.31 during trading on Thursday, reaching $58.36. The company’s stock had a trading volume of 18,098 shares, compared to its average volume of 1,050,191. The company has a quick ratio of 0.74, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $56.62 and a two-hundred day simple moving average of $58.25. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.68 and a beta of 0.52.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.14%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s dividend payout ratio is presently 174.12%.

Insider Activity

In other news, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Joey Agree bought 2,000 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard Agree purchased 16,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now directly 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 acquired 42,482 shares of company stock valued at $2,397,572. Insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Hedge funds have recently bought and sold shares of the company. Applied Capital LLC FL raised its stake in shares of Agree Realty by 2.4% in the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 174 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Agree Realty by 2.3% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock valued at $722,000 after acquiring an additional 289 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Agree Realty by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after acquiring an additional 297 shares during the period. Parallel Advisors LLC raised its stake in shares of Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 298 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of Agree Realty by 7.7% in the 1st quarter. Fifth Third Bancorp now owns 4,290 shares of the real estate investment trust’s stock valued at $245,000 after acquiring an additional 305 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Company Profile

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.