Agree Realty (NYSE:ADC) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report issued on Tuesday morning.

A number of other analysts have also issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research note on Tuesday, January 6th. Truist Financial lowered their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Mizuho decreased their price target on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Finally, Evercore ISI dropped their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $71.88 on Tuesday. The firm has a market cap of $8.26 billion, a PE ratio of 42.04, a PEG ratio of 2.53 and a beta of 0.55. The stock has a 50 day moving average of $72.56 and a 200 day moving average of $72.70. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty has a 12 month low of $68.98 and a 12 month high of $79.65.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a $0.262 dividend. The ex-dividend date is Friday, January 30th. This represents a c) dividend on an annualized basis and a yield of 4.4%. Agree Realty’s dividend payout ratio (DPR) is 183.63%.

Insider Buying and Selling

In other news, Director John Rakolta, Jr. bought 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 24th. The shares were purchased at an average cost of $72.18 per share, with a total value of $1,082,700.00. Following the transaction, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard Agree purchased 24,000 shares of the company’s stock in a transaction on Friday, January 9th. The shares were purchased at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares in the company, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 39,500 shares of company stock worth $2,813,680 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Hedge funds have recently modified their holdings of the stock. Westwood Holdings Group Inc. purchased a new position in shares of Agree Realty in the second quarter valued at approximately $65,376,000. Norges Bank acquired a new position in Agree Realty in the 2nd quarter valued at $65,030,000. JPMorgan Chase & Co. lifted its holdings in Agree Realty by 65.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after purchasing an additional 799,185 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its stake in Agree Realty by 311.0% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 838,570 shares of the real estate investment trust’s stock worth $59,572,000 after purchasing an additional 634,520 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Agree Realty by 532.1% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 714,772 shares of the real estate investment trust’s stock worth $50,777,000 after buying an additional 601,689 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.