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

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

Other equities analysts have also recently issued research reports about the company. Robert W. Baird lifted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. BTIG Research upped their price target on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Evercore ISI began coverage on shares of Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. Mizuho reduced their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $79.07.

Agree Realty Stock Performance

ADC stock opened at $72.60 on Friday. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. 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 firm has a market cap of $7.52 billion, a PE ratio of 40.11, a P/E/G ratio of 2.54 and a beta of 0.64. The business’s 50-day moving average price is $72.45 and its two-hundred day moving average price is $73.11.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.18%. Agree Realty’s dividend payout ratio is presently 167.96%.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after buying an additional 534,545 shares during the last quarter. FMR LLC raised its stake in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after buying an additional 1,968,811 shares during the period. Geode Capital Management LLC lifted its position in shares of Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after buying an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after buying an additional 57,354 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

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.