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

Agree Realty (NYSE:ADC - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Sunday.

Several other analysts have also issued reports on ADC. Barclays set a $77.00 target price on Agree Realty and gave the stock an "equal weight" rating in a report on Wednesday, May 21st. BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Mizuho decreased their price objective on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Finally, Stifel Nicolaus lifted their price target on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus target price of $80.54.

Agree Realty Stock Performance

ADC opened at $71.60 on Friday. Agree Realty has a 12-month low of $64.10 and a 12-month high of $79.65. The business has a 50 day moving average of $74.20 and a 200-day moving average of $73.92. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.88 billion, a price-to-earnings ratio of 40.45, a PEG ratio of 2.32 and a beta of 0.54.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly 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. The firm had revenue of $169.16 million for the quarter, compared to analysts' expectations 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 in the prior year, the firm earned $0.43 EPS. On average, equities research analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently made changes to their positions in ADC. Vanguard Group Inc. raised its stake in Agree Realty by 2.5% in 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 acquiring an additional 363,681 shares during the period. Cohen & Steers Inc. increased its stake in shares of Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Centersquare Investment Management LLC raised its position in shares of Agree Realty by 10.7% in the first 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 during the period. JPMorgan Chase & Co. lifted its stake in shares of Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock valued at $180,487,000 after buying an additional 353,884 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after buying an additional 1,020,512 shares in 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.

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