Agree Realty (NYSE:ADC) Downgraded by StockNews.com

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

ADC has been the subject of a number of other research reports. Wells Fargo & Company lowered their price objective on Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, February 20th. Truist Financial lowered their price objective on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a research note on Tuesday, February 27th. Royal Bank of Canada lowered their price objective on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a research note on Thursday, February 15th. BMO Capital Markets initiated coverage on Agree Realty in a research note on Tuesday, February 13th. They set an outperform rating and a $69.00 price objective for the company. Finally, Mizuho lowered their price objective on Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, March 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $65.61.

Agree Realty Trading Down 0.0 %

NYSE ADC opened at $58.77 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 twelve month low of $52.69 and a twelve month high of $69.26. The firm has a market capitalization of $5.91 billion, a PE ratio of 34.57, a P/E/G ratio of 2.70 and a beta of 0.52. The stock’s 50 day moving average is $56.77 and its 200 day moving average is $58.43.

Agree Realty Increases Dividend

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

Insider Transactions at Agree Realty

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

Institutional Trading of Agree Realty

Several hedge funds have recently bought and sold shares of the stock. Applied Capital LLC FL grew its holdings in Agree Realty by 2.4% during 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 purchasing an additional 174 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Agree Realty by 2.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock worth $722,000 after acquiring an additional 289 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of 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 worth $3,317,000 after acquiring an additional 297 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Agree Realty by 4.4% in the first quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after acquiring an additional 297 shares during the period. Finally, Parallel Advisors LLC boosted 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 worth $71,000 after acquiring an additional 298 shares during the period. Institutional investors 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.