StockNews.com Downgrades Agree Realty (NYSE:ADC) to Sell

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

ADC has been the subject of a number of other reports. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of Agree Realty in a research report on Tuesday, January 28th. BTIG Research boosted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.07.

Agree Realty Stock Performance

NYSE:ADC opened at $72.60 on Friday. 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 stock’s fifty day moving average is $72.45 and its 200 day moving average is $73.16. The firm has a market capitalization of $7.52 billion, a PE ratio of 40.11, a PEG ratio of 2.54 and a beta of 0.64. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its stake in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 293 shares in the last quarter. Financial Life Planners purchased a new position in Agree Realty during the fourth quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB boosted its stake in Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the last quarter. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty in the 3rd quarter worth $75,000. 97.83% of the stock is owned by institutional investors and hedge funds.

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.