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

StockNews.com cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Several other brokerages have also recently commented on ADC. Evercore ISI started coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $79.00 target price on shares of Agree Realty in a report on Tuesday, January 28th. Wells Fargo & Company reduced their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and increased their price target for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $78.93.

Agree Realty Stock Down 0.1 %

Shares of NYSE ADC opened at $72.79 on Friday. 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 company has a market cap of $7.54 billion, a price-to-earnings ratio of 40.22, a PEG ratio of 2.87 and a beta of 0.65. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a 50-day moving average price of $72.03 and a two-hundred day moving average price of $73.42.

Agree Realty Announces Dividend

The firm also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty’s dividend payout ratio is presently 167.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew 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 acquiring an additional 990,362 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after acquiring an additional 534,545 shares during the period. FMR LLC grew its stake in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the period. Geode Capital Management LLC grew its stake in shares of Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after acquiring an additional 30,377 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Agree Realty by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock worth $115,936,000 after purchasing an additional 57,297 shares during the period. Institutional investors 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.