Agree Realty (NYSE:ADC) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research report sent to investors on Friday.

A number of other research firms have also issued reports on ADC. JMP Securities upgraded Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. Wells Fargo & Company decreased their price target on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, February 20th. Stifel Nicolaus lowered their target price on shares of Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada dropped their price target on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. Finally, BMO Capital Markets assumed coverage on shares of Agree Realty in a research report on Tuesday, February 13th. They set an outperform rating and a $69.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $65.61.

Agree Realty Price Performance

Shares of ADC opened at $58.79 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a market cap of $5.92 billion, a P/E ratio of 34.58, a PEG ratio of 2.64 and a beta of 0.52. The firm’s 50 day moving average price is $56.72 and its 200 day moving average price is $58.37.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be paid a $0.25 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.10%. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Insiders Place Their Bets

In other news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the stock. Applied Capital LLC FL boosted its holdings in Agree Realty by 2.4% in the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 174 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Agree Realty by 2.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock valued at $722,000 after acquiring an additional 289 shares in the last quarter. State of Alaska Department of Revenue raised its position in Agree Realty by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after purchasing an additional 297 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Agree Realty by 4.4% during the first quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after purchasing an additional 297 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Agree Realty by 35.9% in the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 298 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.