Agree Realty (NYSE:ADC) Downgraded by JMP Securities to “Market Perform”

JMP Securities lowered shares of Agree Realty (NYSE:ADC) from an outperform rating to a market perform rating in a research report report published on Tuesday, MarketBeat reports.

Several other research analysts have also issued reports on the company. BTIG Research increased their price objective on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target for the company. Mizuho boosted their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Truist Financial lifted their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $78.03.

Agree Realty Price Performance

Shares of ADC stock opened at $73.29 on Tuesday. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The company has a market capitalization of $7.59 billion, a P/E ratio of 40.49, a P/E/G ratio of 3.66 and a beta of 0.62. The stock has a 50 day moving average of $75.25 and a two-hundred day moving average of $71.02. 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 issued its earnings results 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the company posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, equities analysts expect that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.14%. Agree Realty’s dividend payout ratio is presently 167.40%.

Institutional Trading of Agree Realty

Hedge funds have recently bought and sold shares of the stock. MCF Advisors LLC bought a new stake in Agree Realty in the 2nd quarter valued at approximately $26,000. Headlands Technologies LLC grew its stake in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty in the third quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the 3rd quarter worth about $77,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.