Agree Realty (NYSE:ADC) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report issued on Thursday.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada raised their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Robert W. Baird boosted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Truist Financial lifted their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Trading Up 0.5 %

Shares of ADC stock opened at $75.97 on Thursday. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 3.08 and a beta of 0.61. The company’s fifty day simple moving average is $75.03 and its two-hundred day simple moving average is $68.55. Agree Realty has a 1 year low of $54.28 and a 1 year high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

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 the consensus estimate of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. The business’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 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.00%. Agree Realty’s dividend payout ratio is 167.96%.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently made changes to their positions in ADC. Long Pond Capital LP lifted its stake in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. FMR LLC boosted its holdings in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares during the period. Pathway Financial Advisers LLC grew its position in Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. PGGM Investments purchased a new position in Agree Realty in the 2nd quarter worth approximately $70,225,000. Finally, Daiwa Securities Group Inc. lifted its position in Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

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.