Agree Realty (NYSE:ADC) Lowered to “Market Perform” Rating by JMP Securities

JMP Securities downgraded shares of Agree Realty (NYSE:ADC) from an outperform rating to a market perform rating in a research report report published on Tuesday, MarketBeat.com reports.

ADC has been the subject of several other reports. Raymond James boosted their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Evercore ISI assumed coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price on the stock. Truist Financial raised their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $78.03.

Agree Realty Price Performance

Shares of ADC opened at $73.29 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $7.59 billion, a P/E ratio of 40.49, a PEG ratio of 3.66 and a beta of 0.62. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a fifty day moving average price of $75.25 and a 200 day moving average price of $71.02.

Agree Realty (NYSE:ADC) last released its quarterly earnings data 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 return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same period last year, the business earned $1.00 EPS. On average, research 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 Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of ADC. FMR LLC boosted its stake in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after purchasing an additional 1,214,437 shares during the period. Daiwa Securities Group Inc. grew its holdings in Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in shares of Agree Realty in the second quarter valued at approximately $25,086,000. Finally, Two Sigma Advisers LP lifted its stake in shares of Agree Realty by 92.6% in the third quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after buying an additional 343,400 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.