Agree Realty (NYSE:ADC) Rating Increased to Hold at StockNews.com

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

ADC has been the subject of several other reports. BTIG Research raised their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. UBS Group raised their price objective on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Mizuho increased their target price on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Robert W. Baird lifted their price target 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. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Trading Down 0.9 %

Shares of ADC stock opened at $76.42 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.22, a PEG ratio of 3.14 and a beta of 0.61. Agree Realty has a 52-week low of $54.28 and a 52-week high of $77.58. The company has a 50-day simple moving average of $75.10 and a two-hundred day simple moving average of $69.01.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 earnings per share. Research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s dividend payout ratio is currently 167.96%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds have recently made changes to their positions in ADC. FMR LLC lifted its holdings in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings in shares of Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares in the last quarter. PGGM Investments bought a new position in shares of Agree Realty in the second quarter valued at approximately $70,225,000. Daiwa Securities Group Inc. grew its stake in Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after acquiring an additional 650,921 shares in the last quarter. Finally, Leeward Investments LLC MA bought a new stake in Agree Realty during the 2nd quarter worth approximately $30,306,000. 97.83% of the stock is currently 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.