Morgan Stanley Downgrades Agree Realty (NYSE:ADC) to Equal Weight

Agree Realty (NYSE:ADC - Get Free Report) was downgraded by Morgan Stanley from an "overweight" rating to an "equal weight" rating in a report released on Friday,Finviz reports. They currently have a $75.00 price objective on the real estate investment trust's stock. Morgan Stanley's price target would indicate a potential upside of 5.63% from the stock's previous close.

ADC has been the topic of several other research reports. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Truist Financial upped their price objective on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. Wall Street Zen upgraded Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Barclays set a $77.00 price target on Agree Realty and gave the stock an "equal weight" rating in a report on Wednesday, May 21st. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $80.54.

Agree Realty Stock Up 0.0%

Shares of ADC stock opened at $71.00 on Friday. The stock's 50 day simple moving average is $74.30 and its 200 day simple moving average is $73.89. 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 has a twelve month low of $62.70 and a twelve month high of $79.65. The company has a market capitalization of $7.81 billion, a price-to-earnings ratio of 40.11, a PEG ratio of 2.25 and a beta of 0.54.

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

Hedge Funds Weigh In On Agree Realty

Several hedge funds have recently added to or reduced their stakes in ADC. Carderock Capital Management Inc. bought a new position in shares of Agree Realty during the second quarter valued at approximately $95,000. Exchange Traded Concepts LLC boosted its position in Agree Realty by 22.3% during the second quarter. Exchange Traded Concepts LLC now owns 63,929 shares of the real estate investment trust's stock worth $4,671,000 after acquiring an additional 11,666 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Agree Realty by 16.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 13,517 shares of the real estate investment trust's stock valued at $973,000 after purchasing an additional 1,908 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Agree Realty by 7.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,326 shares of the real estate investment trust's stock worth $1,704,000 after acquiring an additional 1,581 shares during the last quarter. Finally, Invst LLC acquired a new stake in Agree Realty during the 1st quarter worth approximately $765,000. 97.83% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.