Agree Realty (NYSE:ADC) Cut to Sell at StockNews.com

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

Several other research analysts have also recently issued reports on the company. Truist Financial raised their target price on Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Evercore ISI lifted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. BTIG Research lowered Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 7th. Finally, Mizuho lifted their target price on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.04.

Agree Realty Trading Down 0.7%

Shares of ADC stock opened at $73.07 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty has a 12-month low of $58.52 and a 12-month high of $79.65. The stock has a market capitalization of $8.04 billion, a P/E ratio of 41.05, a P/E/G ratio of 2.88 and a beta of 0.57. The firm’s 50 day moving average is $75.88 and its 200 day moving average is $74.10.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The firm had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same period in the prior year, the firm earned $0.43 EPS. Research analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. This represents a yield of 4.1%. Agree Realty’s payout ratio is currently 173.45%.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors have recently added to or reduced their stakes in ADC. Cullen Frost Bankers Inc. purchased a new position in shares of Agree Realty in the first quarter worth $27,000. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the 4th quarter worth $31,000. Capital Advisors Ltd. LLC lifted its stake in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 270 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Agree Realty during the 1st quarter valued at about $39,000. Finally, Larson Financial Group LLC grew its position in shares of Agree Realty by 415.1% during the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 440 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.