Agree Realty (NYSE:ADC) Stock Rating Upgraded by 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 Saturday morning.

ADC has been the topic of a number of other research reports. 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 report on Friday, April 25th. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. UBS Group reduced their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Stifel Nicolaus upped their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Finally, BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $80.96.

Agree Realty Price Performance

ADC stock traded down $0.58 during trading on Friday, reaching $71.38. 1,027,967 shares of the company were exchanged, compared to its average volume of 1,095,799. The company has a market cap of $7.85 billion, a P/E ratio of 40.33, a PEG ratio of 2.28 and a beta of 0.54. Agree Realty has a 52-week low of $61.34 and a 52-week high of $79.65. The stock's 50 day moving average price is $74.55 and its 200 day moving average price is $73.91. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same quarter in the previous year, the firm earned $0.43 earnings per share. As a group, analysts predict that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.256 per share. This represents a yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty's dividend payout ratio is currently 173.45%.

Hedge Funds Weigh In On Agree Realty

Large investors have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. purchased a new position in Agree Realty during the first quarter worth approximately $27,000. Bernard Wealth Management Corp. purchased a new position in Agree Realty during the fourth quarter worth approximately $31,000. SVB Wealth LLC purchased a new position in Agree Realty during the first quarter worth approximately $33,000. Capital Advisors Ltd. LLC raised its stake in Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 270 shares during the period. Finally, Headlands Technologies LLC raised its stake in Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares during the period. 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.