Agree Realty (NYSE:ADC) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report released on Saturday.

ADC has been the topic of a number of other research reports. Weiss Ratings raised shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 6th. BMO Capital Markets lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 price objective on the stock. in a research report on Friday. Stifel Nicolaus upped their price target on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Truist Financial upped their price target on shares of Agree Realty from $79.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Finally, Barclays upped their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.42.

Agree Realty Stock Performance

Shares of ADC stock opened at $79.46 on Friday. The company’s fifty day simple moving average is $78.03 and its 200-day simple moving average is $74.66. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. The firm has a market cap of $9.54 billion, a PE ratio of 44.89, a P/E/G ratio of 2.66 and a beta of 0.53. Agree Realty has a 12 month low of $69.56 and a 12 month high of $82.08.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th will be issued a $0.267 dividend. This is an increase from Agree Realty’s previous monthly dividend of $0.26. This represents a c) annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Thursday, April 30th. Agree Realty’s dividend payout ratio is presently 180.79%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of ADC. Jane Street Group LLC increased its holdings in shares of Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock valued at $2,112,000 after purchasing an additional 19,948 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 356 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Agree Realty in the second quarter valued at about $1,875,000. EverSource Wealth Advisors LLC grew its stake in shares of Agree Realty by 245.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 965 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Agree Realty by 46.8% in the second quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust’s stock valued at $5,421,000 after acquiring an additional 23,662 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.