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

Key Points

• Wall Street Zen downgraded Agree Realty (NYSE:ADC) from a "hold" to a "sell" rating in a research note issued Saturday.
• Despite that downgrade, the analyst consensus remains a Moderate Buy with an average price target of $83.42, and several firms (including Raymond James, Weiss, Stifel and Truist) recently raised targets or issued buy/strong-buy ratings.
• Shares were trading around $79.46 with a market cap of $9.54 billion, a P/E of 44.89 and a 12‑month range of $69.56–$82.08, while institutional investors own roughly 97.8% of the stock.

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

A number of other brokerages have also weighed in on ADC. Raymond James Financial upped their price target on shares of Agree Realty from $84.00 to $90.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, March 17th. Weiss Ratings raised shares of Agree Realty from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, April 6th. Barclays upped their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "equal weight" rating in a research note on Friday, March 13th. Stifel Nicolaus increased their target price on shares of Agree Realty from $83.50 to $84.50 and gave the company a "buy" rating in a research note on Wednesday, February 11th. Finally, Truist Financial increased their target price on shares of Agree Realty from $79.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, March 23rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $83.42.

Agree Realty Trading Up 0.7%

Shares of NYSE:ADC opened at $79.46 on Friday. The company has a 50 day moving average of $78.03 and a 200-day moving average of $74.63. The firm has a market cap of $9.54 billion, a P/E ratio of 44.89, a P/E/G ratio of 2.66 and a beta of 0.53. Agree Realty has a twelve month low of $69.56 and a twelve month high of $82.08. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently made changes to their positions in ADC. Clearstead Trust LLC raised its holdings in shares of Agree Realty by 192.1% during the fourth quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 242 shares during the period. Westside Investment Management Inc. raised its holdings in shares of Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust's stock valued at $31,000 after acquiring an additional 215 shares during the period. Wiser Advisor Group LLC acquired a new stake in shares of Agree Realty during the third quarter valued at approximately $32,000. Creative Financial Designs Inc. ADV raised its holdings in shares of Agree Realty by 71.1% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust's stock valued at $33,000 after acquiring an additional 192 shares during the period. Finally, Clearstead Advisors LLC raised its holdings in shares of Agree Realty by 163.8% during the fourth quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust's stock valued at $33,000 after acquiring an additional 285 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

About Agree Realty

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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