Agree Realty (NYSE:ADC) Stock Rating Lowered 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 note issued to investors on Saturday.

ADC has been the topic of a number of other reports. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Barclays set a $77.00 target price on Agree Realty and gave the stock an "equal weight" rating in a research report on Wednesday, May 21st. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. Finally, Mizuho dropped their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, five have given 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.96.

Agree Realty Stock Performance

Agree Realty stock traded down $0.67 during mid-day trading on Friday, hitting $74.64. 2,219,849 shares of the company's stock traded hands, compared to its average volume of 1,078,209. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty has a one year low of $60.42 and a one year high of $79.65. The firm has a 50 day moving average price of $75.59 and a 200 day moving average price of $73.91. The company has a market cap of $8.21 billion, a PE ratio of 42.17, a price-to-earnings-growth ratio of 2.34 and a beta of 0.56.

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

Agree Realty Dividend Announcement

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

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of ADC. Invst LLC acquired a new position in shares of Agree Realty in the first quarter worth about $765,000. Strs Ohio purchased a new stake in shares of Agree Realty in the 1st quarter valued at approximately $12,056,000. Jane Street Group LLC boosted its stake in Agree Realty by 268.9% in the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust's stock worth $2,112,000 after purchasing an additional 19,948 shares during the period. Bayforest Capital Ltd purchased a new position in Agree Realty during the 1st quarter worth approximately $269,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Agree Realty by 3.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust's stock valued at $56,628,000 after purchasing an additional 26,202 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

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.