StockNews.com downgraded shares of Agree Realty (NYSE:ADC - Free Report) from a hold rating to a sell rating in a research report released on Sunday morning.
Several other equities analysts also recently commented on the company. Barclays upgraded Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Evercore ISI upped their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Truist Financial lifted their price objective on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Finally, Robert W. Baird increased their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $81.04.
Read Our Latest Stock Analysis on ADC
Agree Realty Trading Down 2.3%
Shares of NYSE:ADC traded down $1.69 during mid-day trading on Friday, hitting $73.48. The stock had a trading volume of 2,012,122 shares, compared to its average volume of 1,033,660. The company's 50 day moving average is $75.92 and its 200-day moving average is $74.11. The company has a market cap of $8.08 billion, a PE ratio of 41.28, a P/E/G ratio of 2.88 and a beta of 0.57. Agree Realty has a 12-month low of $58.52 and a 12-month 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 - Get Free Report) last announced its quarterly earnings data 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. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same period in the previous year, the firm posted $0.43 earnings per share. On average, sell-side analysts predict that Agree Realty will post 4.27 EPS for the current year.
Agree Realty Increases Dividend
The business also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 4.1%. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's payout ratio is presently 173.45%.
Institutional Trading of Agree Realty
Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Agree Realty by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust's stock valued at $1,151,183,000 after purchasing an additional 363,681 shares during the period. Cohen & Steers Inc. boosted its position in Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock valued at $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Centersquare Investment Management LLC increased its stake in Agree Realty by 10.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock valued at $187,723,000 after purchasing an additional 234,641 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after purchasing an additional 1,020,512 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.
About Agree Realty
(
Get Free Report)
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.
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