StockNews.com Upgrades Agree Realty (NYSE:ADC) to "Hold"

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

ADC has been the topic of several other reports. 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. Royal Bank of Canada reduced their price target on shares of Agree Realty from $80.00 to $79.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 7th. Robert W. Baird lifted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, JMP Securities downgraded Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $78.53.

Agree Realty Price Performance

Shares of ADC stock opened at $70.64 on Wednesday. The firm has a fifty day moving average of $73.40 and a two-hundred day moving average of $72.36. The firm has a market cap of $7.31 billion, a P/E ratio of 39.03, a P/E/G ratio of 3.66 and a beta of 0.64. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts' consensus estimates 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 analyst estimates of $152.83 million. During the same quarter last year, the business posted $1.00 earnings per share. The firm's revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced 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 of this dividend is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.30%. Agree Realty's dividend payout ratio is presently 167.40%.

Institutional Trading of Agree Realty

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its stake in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 293 shares during the period. UMB Bank n.a. increased its position in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock valued at $73,000 after purchasing an additional 299 shares during the period. Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty during the 3rd quarter valued at $75,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty in the 3rd quarter worth $77,000. Finally, Vestcor Inc acquired a new stake in shares of Agree Realty in the third quarter valued at $111,000. 97.83% of the stock is currently owned by 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.