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

Agree Realty (NYSE:ADC) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Thursday.

Several other research firms also recently commented on ADC. KeyCorp upped their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Robert W. Baird raised their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, BTIG Research boosted their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $75.96 on Thursday. Agree Realty has a one year low of $54.28 and a one year high of $77.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 41.96, a PEG ratio of 3.11 and a beta of 0.61. The business’s 50 day moving average price is $75.03 and its 200 day moving average price is $68.48.

Agree Realty (NYSE:ADC) last released its earnings results 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 company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. 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 firm earned $1.00 earnings per share. On average, research analysts predict that Agree Realty will post 4.12 EPS for the current year.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Vestcor Inc acquired a new position in shares of Agree Realty during the 3rd quarter worth about $111,000. Barclays PLC increased its position in Agree Realty by 129.4% in the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock valued at $18,062,000 after acquiring an additional 135,274 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of Agree Realty by 2.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 132,880 shares of the real estate investment trust’s stock valued at $10,010,000 after purchasing an additional 2,930 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Agree Realty in the 3rd quarter valued at $901,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Agree Realty in the 3rd quarter valued at $294,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.