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

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

A number of other analysts also recently issued reports on ADC. Robert W. Baird lifted their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. UBS Group reduced their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, May 5th. BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Finally, Mizuho reduced their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. One 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 MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average target price of $80.96.

Agree Realty Price Performance

ADC traded down $0.89 during trading on Friday, reaching $74.92. 619,304 shares of the company traded hands, compared to its average volume of 1,075,503. The company has a market cap of $8.24 billion, a P/E ratio of 42.33, a PEG ratio of 2.34 and a beta of 0.56. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72. Agree Realty has a 12-month low of $60.42 and a 12-month high of $79.65. The firm has a fifty day simple moving average of $75.57 and a 200 day simple moving average of $73.91.

Agree Realty (NYSE:ADC - Get Free Report) last posted its 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 net margin of 30.05% and a return on equity of 3.66%. The company had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. During the same period last year, the company posted $0.43 earnings per share. On average, equities analysts forecast that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.256 dividend. This represents a yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

Institutional Trading of Agree Realty

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