Agree Realty (NYSE:ADC) Rating Lowered to “Hold” at Citizens Jmp

Citizens Jmp downgraded shares of Agree Realty (NYSE:ADC) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday. BTIG Research increased their price target on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective on the stock. KeyCorp upped their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $73.29 on Tuesday. The business has a fifty day simple moving average of $75.25 and a 200-day simple moving average of $71.02. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a market cap 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 company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

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

Agree Realty Announces Dividend

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

Institutional Trading of Agree Realty

Hedge funds have recently added to or reduced their stakes in the business. MCF Advisors LLC acquired a new position in Agree Realty during the 2nd quarter valued at about $26,000. UMB Bank n.a. boosted 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 acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty during the third quarter valued at approximately $75,000. Wilmington Savings Fund Society FSB bought a new stake in Agree Realty during the third quarter worth approximately $77,000. Finally, Headlands Technologies LLC raised its holdings in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

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.