Agree Realty (NYSE:ADC) Downgraded by Morgan Stanley to "Equal Weight"

Agree Realty (NYSE:ADC - Get Free Report) was downgraded by analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $75.00 target price on the real estate investment trust's stock. Morgan Stanley's price target indicates a potential upside of 3.51% from the stock's previous close.

A number of other research firms have also commented on ADC. BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Barclays set a $77.00 price target on Agree Realty and gave the company an "equal weight" rating in a research report on Wednesday, May 21st. Evercore ISI increased their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Truist Financial boosted their target price on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. Finally, JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. One analyst has rated the stock with a sell rating, six have assigned 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 presently has an average rating of "Moderate Buy" and a consensus target price of $80.54.

Agree Realty Stock Up 1.2%

NYSE ADC traded up $0.84 on Friday, hitting $72.46. 924,598 shares of the stock were exchanged, compared to its average volume of 1,102,526. Agree Realty has a fifty-two week low of $64.10 and a fifty-two week high of $79.65. The company has a 50-day moving average price of $74.20 and a 200-day moving average price of $73.94. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The company has a market cap of $7.97 billion, a PE ratio of 40.94, a PEG ratio of 2.32 and a beta of 0.54.

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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $167.77 million. During the same period in the prior year, the firm posted $0.43 EPS. Sell-side analysts anticipate that Agree Realty will post 4.27 EPS for the current fiscal year.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Agree Realty by 143.7% during the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the real estate investment trust's stock valued at $3,554,000 after buying an additional 29,747 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Agree Realty during the fourth quarter valued at approximately $1,459,000. Amundi raised its position in shares of Agree Realty by 4.5% during the 4th quarter. Amundi now owns 57,458 shares of the real estate investment trust's stock worth $4,004,000 after purchasing an additional 2,482 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Agree Realty by 41.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,573 shares of the real estate investment trust's stock worth $5,676,000 after purchasing an additional 23,598 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in shares of Agree Realty by 108.5% in the 4th quarter. HighTower Advisors LLC now owns 26,000 shares of the real estate investment trust's stock worth $1,832,000 after purchasing an additional 13,528 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

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.