Agree Realty (NYSE:ADC) Stock Rating Lowered by JMP Securities

JMP Securities cut shares of Agree Realty (NYSE:ADC) from an outperform rating to a market perform rating in a research note released on Tuesday morning, Marketbeat.com reports.

Several other equities analysts also recently weighed in on the stock. Mizuho lifted their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. UBS Group upped their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. KeyCorp increased their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Robert W. Baird boosted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, BTIG Research increased their target price on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $78.03.

Agree Realty Trading Down 1.7 %

NYSE:ADC opened at $69.44 on Tuesday. Agree Realty has a one year low of $54.28 and a one year high of $78.39. The business has a fifty day moving average price of $75.10 and a 200-day moving average price of $71.09. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 38.36, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. 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 issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the previous year, the company earned $1.00 EPS. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. Sell-side analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.37%. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of ADC. Franklin Resources Inc. increased its stake in Agree Realty by 8.2% during the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock worth $4,917,000 after acquiring an additional 5,039 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty in the 3rd quarter worth approximately $77,000. World Investment Advisors LLC purchased a new position in shares of Agree Realty in the 3rd quarter worth approximately $211,000. Geode Capital Management LLC increased its position in shares of Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after purchasing an additional 30,377 shares during the last quarter. Finally, Vestcor Inc purchased a new stake in Agree Realty during the 3rd quarter valued at $111,000. Institutional investors 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.