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 report issued on Tuesday.

A number of other analysts have also issued reports on ADC. Mizuho lifted their price target on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Raymond James increased their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target on the stock. Finally, UBS Group increased their price objective on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Stock Performance

ADC opened at $69.44 on Tuesday. The firm’s fifty day simple moving average is $75.10 and its two-hundred day simple moving average is $71.09. 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 $7.19 billion, a price-to-earnings ratio of 38.36, a PEG 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 released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter last year, the company earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Dana Investment Advisors Inc. boosted its stake in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after acquiring an additional 170 shares in the last quarter. Capital Square LLC grew its stake in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after buying an additional 179 shares during the last quarter. Blue Trust Inc. increased its position in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 216 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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.