Agree Realty (NYSE:ADC) Upgraded at StockNews.com

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

Other analysts also recently issued research reports about the stock. Mizuho dropped their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Robert W. Baird upped their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Truist Financial increased 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, Barclays initiated coverage on Agree Realty in a research note on Tuesday, December 17th. They set an “underweight” rating and a $76.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Agree Realty Stock Up 0.4 %

Shares of ADC opened at $72.46 on Wednesday. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company’s fifty day moving average is $73.25 and its two-hundred day moving average is $72.43. The firm has a market cap of $7.50 billion, a PE ratio of 40.03, a price-to-earnings-growth ratio of 2.41 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.

Agree Realty (NYSE:ADC) last issued its 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 firm 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%. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.00 EPS. Analysts forecast that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 annualized dividend and a yield of 4.19%. Agree Realty’s dividend payout ratio is presently 167.96%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its stake in shares of Agree Realty by 64.6% in the 4th quarter. SG Americas Securities LLC now owns 28,485 shares of the real estate investment trust’s stock valued at $2,007,000 after purchasing an additional 11,180 shares in the last quarter. Atomi Financial Group Inc. acquired a new stake in Agree Realty during the fourth quarter valued at approximately $240,000. Lmcg Investments LLC bought a new position in Agree Realty during the 4th quarter worth approximately $3,112,000. Ballentine Partners LLC acquired a new position in shares of Agree Realty in the 4th quarter worth approximately $384,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 230 shares during the last quarter. 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.