Agree Realty (NYSE:ADC) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Agree Realty (NYSE:ADC - Free Report) from a sell rating to a hold rating in a report issued on Friday.

A number of other brokerages have also issued reports on ADC. Evercore ISI lifted their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Barclays set a $77.00 price objective on shares of Agree Realty and gave the company an "equal weight" rating in a report on Wednesday, May 21st. Robert W. Baird boosted their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Finally, UBS Group lowered their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $81.19.

Agree Realty Trading Up 0.3%

Shares of Agree Realty stock traded up $0.22 during trading hours on Friday, hitting $75.52. The company's stock had a trading volume of 680,722 shares, compared to its average volume of 1,059,232. The stock has a 50 day moving average of $75.52 and a 200 day moving average of $74.09. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty has a 12 month low of $59.66 and a 12 month high of $79.65. The company has a market capitalization of $8.31 billion, a PE ratio of 42.43, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $167.77 million. During the same period in the prior year, the business earned $0.43 EPS. Analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a dividend of $0.256 per share. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. This represents a $3.07 annualized dividend and a dividend yield of 4.07%. Agree Realty's payout ratio is presently 173.45%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently bought and sold shares of ADC. GF Fund Management CO. LTD. grew its stake in Agree Realty by 7.2% during the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock worth $151,000 after buying an additional 132 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after purchasing an additional 139 shares during the last quarter. CIBC Asset Management Inc boosted its position in Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after buying an additional 153 shares in the last quarter. Carmel Capital Partners LLC grew its stake in shares of Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock worth $486,000 after buying an additional 167 shares during the last quarter. Finally, Private Advisor Group LLC increased its holdings in shares of Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock worth $346,000 after buying an additional 170 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Company Profile

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.