Agree Realty (NYSE:ADC) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

Several other analysts also recently issued reports on the company. Wells Fargo & Company lifted their price target on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Evercore ISI lifted their target price on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Mizuho reduced their price target on Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. UBS Group lowered their price objective on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Finally, BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.96.

Agree Realty Trading Up 1.6%

NYSE ADC opened at $75.85 on Friday. Agree Realty has a one year low of $60.42 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $8.35 billion, a P/E ratio of 42.85, a P/E/G ratio of 2.34 and a beta of 0.56. The stock’s 50-day moving average is $75.57 and its 200-day moving average is $73.91.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same period last year, the company posted $0.43 EPS. Sell-side analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a yield of 4.1%. Agree Realty’s dividend payout ratio (DPR) is currently 173.45%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ADC. Envestnet Asset Management Inc. lifted its holdings in Agree Realty by 3.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after purchasing an additional 10,446 shares during the last quarter. Sage Investment Counsel LLC acquired a new stake in shares of Agree Realty during the 4th quarter worth about $329,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Agree Realty by 24.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after buying an additional 3,776 shares during the period. Wellington Management Group LLP grew its stake in Agree Realty by 664.6% in the 4th quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust’s stock valued at $41,625,000 after buying an additional 513,571 shares during the last quarter. Finally, Jump Financial LLC grew its stake in Agree Realty by 42.1% in the 4th quarter. Jump Financial LLC now owns 79,777 shares of the real estate investment trust’s stock valued at $5,620,000 after buying an additional 23,616 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

About Agree Realty

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.