Agree Realty (NYSE:ADC) Rating Lowered to "Sell" at StockNews.com

Agree Realty (NYSE:ADC - Get Free Report) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating in a report issued on Tuesday.

Several other research firms have also commented on ADC. Stifel Nicolaus reduced their price target on Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a report on Tuesday. Truist Financial lifted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Mizuho upped their price target on shares of Agree Realty from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Robert W. Baird boosted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. Finally, Royal Bank of Canada dropped their target price on shares of Agree Realty from $80.00 to $79.00 and set an "outperform" rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $78.93.

Agree Realty Stock Down 0.6 %

Agree Realty stock traded down $0.44 during trading hours on Tuesday, hitting $69.98. The stock had a trading volume of 3,236,662 shares, compared to its average volume of 1,399,766. The stock has a market capitalization of $7.24 billion, a P/E ratio of 38.66, a price-to-earnings-growth ratio of 3.66 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. The stock's 50-day moving average price is $73.87 and its 200-day moving average price is $72.08. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the firm earned $1.00 EPS. The business's revenue was up 12.8% on a year-over-year basis. Equities research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently modified their holdings of ADC. Dana Investment Advisors Inc. grew its holdings in Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock worth $1,813,000 after acquiring an additional 170 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock worth $427,000 after purchasing an additional 216 shares during the last quarter. State of Alaska Department of Revenue grew its stake 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 purchasing an additional 224 shares during the period. US Bancorp DE increased its holdings in Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust's stock valued at $1,290,000 after purchasing an additional 252 shares during the last quarter. Finally, Carmel Capital Partners LLC lifted its stake in Agree Realty by 4.0% in the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust's stock valued at $507,000 after buying an additional 257 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.