Agree Realty (NYSE:ADC) Upgraded 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 report released on Monday.

Several other brokerages also recently weighed in on ADC. Evercore ISI boosted their target price on 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 downgraded shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Mizuho upped 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. Finally, Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.19.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $75.00 on Monday. The company has a market capitalization of $8.25 billion, a PE ratio of 42.13, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a 50-day simple moving average of $75.67 and a two-hundred day simple moving average of $74.11. Agree Realty has a one year low of $58.52 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

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

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Friday, May 30th. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.07 dividend on an annualized basis and a yield of 4.10%. Agree Realty’s payout ratio is presently 173.45%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ADC. Cullen Frost Bankers Inc. acquired a new position in shares of Agree Realty during the 1st quarter worth approximately $27,000. SVB Wealth LLC acquired a new position in shares of Agree Realty during the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty during the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC raised its stake in shares of Agree Realty by 137.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 270 shares during the period. Finally, NBC Securities Inc. acquired a new position in shares of Agree Realty during the 1st quarter worth approximately $39,000. 97.83% of the stock is owned by institutional investors and hedge funds.

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.