Agree Realty (NYSE:ADC) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Agree Realty (NYSE:ADC - Free Report) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other analysts also recently weighed in on the company. BTIG Research lifted their target price on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. 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. Truist Financial boosted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a "buy" rating and a $88.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $78.03.

Agree Realty Stock Performance

ADC stock traded down $0.76 during trading on Tuesday, hitting $73.29. 1,129,630 shares of the company's stock traded hands, compared to its average volume of 941,898. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 40.97, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The stock has a fifty day moving average price of $75.25 and a two-hundred day moving average price of $71.02. 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 - Get Free Report) last announced 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the company earned $1.00 EPS. Agree Realty's quarterly revenue was up 12.8% on a year-over-year basis. As a group, equities analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. MCF Advisors LLC purchased a new position in Agree Realty during the 2nd quarter worth approximately $26,000. UMB Bank n.a. boosted its position 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 worth $73,000 after buying an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty during the third quarter valued at $75,000. Wilmington Savings Fund Society FSB acquired a new position in Agree Realty during the third quarter valued at $77,000. Finally, Headlands Technologies LLC lifted its stake in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock worth $71,000 after acquiring an additional 798 shares in the last quarter. 97.83% of the stock is 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.