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

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

A number of other equities research analysts have also recently commented on the stock. Mizuho reduced their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. BTIG Research upped their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Evercore ISI initiated coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Finally, Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.93.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $72.92 on Friday. The firm’s fifty day simple moving average is $72.10 and its 200-day simple moving average is $73.29. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 40.29, a PEG ratio of 2.56 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently modified their holdings of ADC. FMR LLC increased its stake in Agree Realty by 729.3% in 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 purchasing an additional 1,968,811 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Agree Realty in the fourth quarter valued at $101,382,000. Pathway Financial Advisers LLC increased its position in shares of Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after buying an additional 1,214,437 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after buying an additional 534,545 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.