Agree Realty (NYSE:ADC) Upgraded at StockNews.com

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

ADC has been the topic of several other research reports. BMO Capital Markets assumed coverage on Agree Realty in a research report on Tuesday, February 13th. They set an outperform rating and a $69.00 target price on the stock. UBS Group assumed coverage on Agree Realty in a report on Friday, May 31st. They set a neutral rating and a $60.00 price objective on the stock. Stifel Nicolaus cut their target price on Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research note on Wednesday, February 14th. Truist Financial decreased their price target on Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a research report on Tuesday, February 27th. Finally, Mizuho raised their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research report on Friday, May 10th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of Moderate Buy and a consensus price target of $65.50.

Agree Realty Stock Performance

NYSE ADC opened at $61.27 on Tuesday. The firm has a market cap of $6.17 billion, a P/E ratio of 36.04, a price-to-earnings-growth ratio of 2.37 and a beta of 0.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The company’s 50 day moving average is $58.93 and its 200-day moving average is $59.09. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date of this dividend is Friday, June 28th. Agree Realty’s payout ratio is 176.47%.

Insider Activity

In other news, Director Greg Lehmkuhl purchased 1,000 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, with a total value of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Lasalle Investment Management Securities LLC grew its stake in shares of Agree Realty by 3.8% during the first quarter. Lasalle Investment Management Securities LLC now owns 1,055,171 shares of the real estate investment trust’s stock valued at $60,271,000 after buying an additional 38,156 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in Agree Realty during the 1st quarter valued at about $737,000. Virtu Financial LLC bought a new position in Agree Realty during the 1st quarter worth approximately $599,000. Walleye Trading LLC purchased a new position in Agree Realty in the 1st quarter worth approximately $955,000. Finally, Bayesian Capital Management LP bought a new stake in Agree Realty in the first quarter valued at approximately $304,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.