Agree Realty (NYSE:ADC) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a report published on Monday.

A number of other brokerages have also weighed in on ADC. JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective on the stock in a report on Monday, January 22nd. Wells Fargo & Company reduced their price objective on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a report on Tuesday, February 20th. Stifel Nicolaus reduced their price objective on shares of Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a report on Wednesday, February 14th. Royal Bank of Canada reduced their price objective on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a report on Thursday, February 15th. Finally, BMO Capital Markets began coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an outperform rating and a $69.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $65.83.

Agree Realty Stock Performance

Shares of ADC stock opened at $60.35 on Monday. 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 52 week low of $52.69 and a 52 week high of $69.26. The stock has a market capitalization of $6.07 billion, a PE ratio of 35.50, a P/E/G ratio of 2.76 and a beta of 0.52. The firm has a 50 day moving average of $57.30 and a two-hundred day moving average of $58.67.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, May 31st. This represents a $3.00 annualized dividend and a yield of 4.97%. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling

In related news, CEO Joey Agree purchased 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average cost of $56.92 per share, for a total transaction of $199,220.00. Following the purchase, the chief executive officer now directly owns 561,403 shares of the company’s stock, valued at $31,955,058.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the transaction, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joey Agree acquired 3,500 shares of the stock in a transaction on Wednesday, February 21st. The shares were acquired at an average cost of $56.92 per share, for a total transaction of $199,220.00. Following the completion of the transaction, the chief executive officer now directly owns 561,403 shares in the company, valued at approximately $31,955,058.76. The disclosure for this purchase can be found here. Insiders have purchased 20,052 shares of company stock worth $1,117,942 in the last ninety days. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bayesian Capital Management LP purchased a new position in Agree Realty during the 1st quarter worth $304,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Agree Realty by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock valued at $3,029,000 after acquiring an additional 3,080 shares in the last quarter. Long Pond Capital LP boosted its holdings in shares of Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares in the last quarter. MQS Management LLC purchased a new stake in shares of Agree Realty in the first quarter valued at about $462,000. Finally, Pitcairn Co. boosted its holdings in shares of Agree Realty by 118.3% in the first quarter. Pitcairn Co. now owns 16,809 shares of the real estate investment trust’s stock valued at $960,000 after acquiring an additional 9,108 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.