Agree Realty (NYSE:ADC) Upgraded by StockNews.com to Hold Rating

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

Several other research firms have also recently weighed in on ADC. Robert W. Baird increased their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. BTIG Research increased their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Raymond James upped their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Mizuho boosted their price target on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Stock Down 0.9 %

Shares of ADC opened at $76.42 on Friday. The stock’s 50-day moving average price is $75.10 and its two-hundred day moving average price is $69.01. Agree Realty has a 12 month low of $54.28 and a 12 month high of $77.58. The company has a market capitalization of $7.91 billion, a PE ratio of 42.22, a PEG ratio of 3.14 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.00 earnings per share. On average, analysts anticipate that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 3.97%. The ex-dividend date is Friday, November 29th. Agree Realty’s payout ratio is currently 167.96%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Dana Investment Advisors Inc. increased its position in shares of Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after acquiring an additional 170 shares in the last quarter. Capital Square LLC increased its holdings in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after purchasing an additional 179 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 213 shares during the last quarter. Commonwealth Equity Services LLC raised 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 purchasing an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of 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 purchasing an additional 224 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.