Agree Realty (NYSE:ADC) Upgraded by StockNews.com to Hold

Agree Realty (NYSE:ADC) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Several other analysts also recently weighed in on the company. Stifel Nicolaus decreased their price objective on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a report on Wednesday, February 14th. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price for the company in a report on Monday, January 22nd. Wells Fargo & Company reduced their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Truist Financial reduced their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Finally, Mizuho reduced their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.61.

Agree Realty Trading Down 0.5 %

Shares of ADC traded down $0.30 during trading hours on Thursday, reaching $58.07. 831,557 shares of the company traded hands, compared to its average volume of 1,063,133. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.66 and a beta of 0.52. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average price is $56.62 and its 200 day moving average price is $58.25.

Insider Activity at Agree Realty

In other news, CEO Joey Agree bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Agree Realty news, CEO Joey Agree bought 2,000 shares of Agree Realty stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director John Rakolta, Jr. bought 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The shares were acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the purchase, the director now owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. Insiders have bought a total of 42,482 shares of company stock worth $2,397,572 over the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Agree Realty by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after buying an additional 462,828 shares during the period. Principal Financial Group Inc. raised its stake in Agree Realty by 12.1% in the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after purchasing an additional 719,430 shares during the last quarter. Invesco Ltd. raised its stake in Agree Realty by 11.1% in the 3rd quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after purchasing an additional 216,494 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Agree Realty by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock valued at $93,253,000 after purchasing an additional 105,461 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Agree Realty by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,409,253 shares of the real estate investment trust’s stock valued at $88,714,000 after purchasing an additional 61,020 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.