Agree Realty (NYSE:ADC) Stock Rating Upgraded by StockNews.com

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

Several other equities research analysts have also weighed in on ADC. Royal Bank of Canada raised their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. UBS Group lifted their price target on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Mizuho boosted their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. BTIG Research increased their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Wells Fargo & Company lowered their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Trading Down 0.9 %

Shares of Agree Realty stock opened at $76.45 on Friday. The business has a fifty day simple moving average of $75.10 and a 200-day simple moving average of $69.20. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $77.58. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of 42.24, a price-to-earnings-growth ratio of 3.13 and a beta of 0.61. 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 issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 earnings per share. On average, equities analysts forecast that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. Agree Realty’s payout ratio is currently 167.96%.

Institutional Trading of Agree Realty

A number of institutional investors and hedge funds have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co raised its holdings in Agree Realty by 4.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 187,705 shares of the real estate investment trust’s stock worth $10,715,000 after acquiring an additional 7,766 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Agree Realty by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock valued at $3,029,000 after buying an additional 3,080 shares during the last quarter. Bayesian Capital Management LP bought a new position in Agree Realty in the 1st quarter worth approximately $304,000. Walleye Trading LLC bought a new stake in shares of Agree Realty in the first quarter valued at approximately $955,000. Finally, Virtu Financial LLC bought a new position in Agree Realty during the first quarter worth $599,000. 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.