Agree Realty (NYSE:ADC) Rating Lowered to “Sell” at StockNews.com

Agree Realty (NYSE:ADC) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

Several other research firms have also commented on ADC. Stifel Nicolaus reduced their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday. Truist Financial lifted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho upped their price target on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Robert W. Baird boosted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Royal Bank of Canada dropped their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $78.93.

Agree Realty Stock Down 0.6 %

Agree Realty stock traded down $0.44 during trading hours on Tuesday, hitting $69.98. The stock had a trading volume of 3,236,662 shares, compared to its average volume of 1,399,766. The stock has a market capitalization of $7.24 billion, a P/E ratio of 38.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock’s 50-day moving average price is $73.87 and its 200-day moving average price is $72.08. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the firm earned $1.00 EPS. The business’s revenue was up 12.8% on a year-over-year basis. Equities research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently modified their holdings of ADC. Dana Investment Advisors Inc. grew its holdings in Agree Realty by 0.6% during the 2nd 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 during the period. Commonwealth Equity Services LLC boosted its position in shares of Agree Realty by 3.2% in the 2nd 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. State of Alaska Department of Revenue grew its stake in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares during the period. US Bancorp DE increased its holdings in Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after purchasing an additional 252 shares during the last quarter. Finally, Carmel Capital Partners LLC lifted its stake in Agree Realty by 4.0% in the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 257 shares during the period. 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.