Agree Realty (NYSE:ADC) Rating Lowered to Sell at StockNews.com

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

A number of other research analysts have also recently commented on ADC. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Mizuho boosted their price target on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Truist Financial upped their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Robert W. Baird upped their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.93.

Agree Realty Stock Down 0.6 %

ADC opened at $69.98 on Tuesday. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The firm has a 50 day moving average price of $73.87 and a 200 day moving average price of $72.08. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $7.24 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64.

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 analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.00 EPS. Sell-side analysts expect that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio is currently 167.40%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ADC. Commonwealth Equity Services LLC raised its position in shares of Agree Realty by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 216 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Agree Realty by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 28,170 shares of the real estate investment trust’s stock valued at $1,745,000 after buying an additional 545 shares during the period. Savant Capital LLC bought a new stake in shares of Agree Realty during the 2nd quarter valued at about $1,364,000. Wedbush Securities Inc. acquired a new stake in Agree Realty during the second quarter worth about $211,000. Finally, Choreo LLC bought a new position in Agree Realty in the second quarter worth about $576,000. 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.