Agree Realty (NYSE:ADC) Rating Increased to Hold at StockNews.com

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

Several other research analysts also recently commented on the stock. KeyCorp boosted their price objective 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. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Wells Fargo & Company reduced their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Barclays started coverage on Agree Realty in a research note on Tuesday, December 17th. They set an “underweight” rating and a $76.00 target price for the company. Finally, Evercore ISI initiated coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Agree Realty Stock Down 0.0 %

Shares of NYSE ADC opened at $70.62 on Wednesday. The stock has a market capitalization of $7.31 billion, a P/E ratio of 39.02, a PEG ratio of 3.66 and a beta of 0.64. The stock’s fifty day moving average is $73.35 and its 200 day moving average is $72.35. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last released its 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 firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the business earned $1.00 earnings per share. Agree Realty’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 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.30%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dana Investment Advisors Inc. grew its position in shares of Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 216 shares during the period. State of Alaska Department of Revenue boosted its holdings in Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after acquiring an additional 224 shares during the last quarter. US Bancorp DE increased its position in Agree Realty by 1.5% during the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after purchasing an additional 252 shares during the period. Finally, Carmel Capital Partners LLC raised its holdings in Agree Realty by 4.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock worth $507,000 after purchasing an additional 257 shares during 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.