Agree Realty (NYSE:ADC) Rating Increased to Hold at StockNews.com

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

Several other research analysts have also recently commented on the company. Robert W. Baird increased their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. KeyCorp boosted their target price 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. Wells Fargo & Company cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.53.

Agree Realty Price Performance

NYSE ADC opened at $70.62 on Wednesday. The firm’s 50 day moving average is $73.35 and its 200-day moving average is $72.35. 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 company has a market capitalization of $7.31 billion, a PE ratio of 39.02, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. 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 results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Equities research analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.30%. The ex-dividend date is Friday, January 31st. Agree Realty’s payout ratio is 167.40%.

Institutional Trading of Agree Realty

Hedge funds have recently added to or reduced their stakes in the company. Foresight Group Ltd Liability Partnership acquired a new stake in shares of Agree Realty during the fourth quarter worth $1,257,000. USA Financial Formulas bought a new stake in shares of Agree Realty in the fourth quarter valued at about $359,000. Park Avenue Securities LLC increased its position in Agree Realty by 39.3% during the fourth quarter. Park Avenue Securities LLC now owns 6,893 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 1,943 shares during the period. Rockland Trust Co. bought a new position in Agree Realty during the fourth quarter worth about $213,000. Finally, Community Trust & Investment Co. boosted its holdings in Agree Realty by 2.7% in the 4th quarter. Community Trust & Investment Co. now owns 48,992 shares of the real estate investment trust’s stock valued at $3,451,000 after purchasing an additional 1,275 shares during the period. 97.83% of the stock is 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.