Agree Realty (NYSE:ADC) Downgraded to “Hold” Rating by Citizens Jmp

Citizens Jmp cut shares of Agree Realty (NYSE:ADC) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also recently issued reports on ADC. Robert W. Baird upped their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Royal Bank of Canada upped their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Raymond James raised their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, KeyCorp increased their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Stock Down 1.0 %

Shares of NYSE:ADC opened at $73.29 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 company has a market capitalization of $7.59 billion, a price-to-earnings ratio of 40.49, a PEG ratio of 3.66 and a beta of 0.62. The business has a 50-day moving average price of $75.25 and a 200 day moving average price of $71.02. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39.

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 the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the prior year, the business earned $1.00 EPS. The business’s quarterly revenue was up 12.8% on a year-over-year basis. Sell-side analysts expect that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio is currently 167.40%.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently added to or reduced their stakes in ADC. MCF Advisors LLC acquired a new stake in Agree Realty during the 2nd quarter valued at $26,000. UMB Bank n.a. lifted its position in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty during the third quarter valued at $75,000. Wilmington Savings Fund Society FSB purchased a new stake in Agree Realty during the 3rd quarter worth about $77,000. Finally, Headlands Technologies LLC raised its stake in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares during the last quarter. 97.83% of the stock is 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.