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 research note published on Tuesday.

A number of other analysts also recently commented on the stock. Evercore ISI started coverage on shares of Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Mizuho raised their price objective on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada lowered their target price on Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.93.

Agree Realty Stock Performance

Shares of ADC stock opened at $69.98 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $73.87 and a 200-day simple moving average of $72.08. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39.

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 the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations 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 was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 EPS. On average, equities analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.04 annualized dividend and a yield of 4.34%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its stake in Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Agree Realty by 2.0% in the second quarter. Arizona State Retirement System now owns 28,170 shares of the real estate investment trust’s stock worth $1,745,000 after acquiring an additional 545 shares during the last quarter. Savant Capital LLC purchased a new stake in Agree Realty in the second quarter valued at approximately $1,364,000. Wedbush Securities Inc. acquired a new position in Agree Realty during the second quarter worth approximately $211,000. Finally, Choreo LLC purchased a new position in Agree Realty during the second quarter worth approximately $576,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

About Agree Realty

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.