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

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

Several other brokerages also recently commented on ADC. Stifel Nicolaus upped 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. UBS Group decreased their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Mizuho decreased their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Finally, Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.25.

Agree Realty Price Performance

NYSE:ADC traded up $0.58 during midday trading on Friday, hitting $72.20. The company had a trading volume of 1,296,695 shares, compared to its average volume of 1,104,100. Agree Realty has a 52-week low of $65.50 and a 52-week high of $79.65. The stock's fifty day moving average price is $74.02 and its 200-day moving average price is $73.94. The company has a market capitalization of $7.94 billion, a PE ratio of 40.79, a P/E/G ratio of 2.35 and a beta of 0.54. 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 (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) 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 business had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same period in the prior year, the business posted $0.43 earnings per share. As a group, research analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake 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 worth $1,151,183,000 after acquiring an additional 363,681 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after acquiring an additional 2,937,147 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in shares of 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 worth $187,723,000 after acquiring an additional 234,641 shares during the last quarter. JPMorgan Chase & Co. boosted 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 worth $180,487,000 after acquiring an additional 353,884 shares during the last quarter. Finally, Invesco Ltd. boosted 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 worth $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Hedge funds and other institutional investors 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.