Agree Realty (NYSE:ADC) Upgraded by StockNews.com to Hold Rating

Agree Realty (NYSE:ADC - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other equities analysts have also commented on the company. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Wednesday, April 30th. Robert W. Baird increased their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Evercore ISI boosted their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, Stifel Nicolaus raised their target price 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. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average price target of $81.04.

Agree Realty Price Performance

NYSE:ADC traded down $0.70 during trading hours on Friday, reaching $75.49. The company had a trading volume of 58,710 shares, compared to its average volume of 1,019,790. The firm has a market capitalization of $8.31 billion, a PE ratio of 42.41, a PEG ratio of 2.88 and a beta of 0.57. The stock has a 50-day moving average of $75.89 and a two-hundred day moving average of $74.13. Agree Realty has a one year low of $58.18 and a one year high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

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 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. During the same period in the previous year, the business earned $0.43 earnings per share. Analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Institutional Investors Weigh In On Agree Realty

Several large investors have recently made changes to their positions in ADC. Vanguard Group Inc. boosted its position in shares of Agree Realty by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock worth $1,025,044,000 after buying an additional 219,806 shares during the period. Cohen & Steers Inc. lifted its position 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. JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. increased its position in shares of Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Agree Realty by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock valued at $150,255,000 after buying an additional 57,492 shares in the last quarter. 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.