Agree Realty (NYSE:ADC) Rating Lowered to “Sell” at StockNews.com

Agree Realty (NYSE:ADC) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

A number of other brokerages have also recently issued reports on ADC. Royal Bank of Canada reduced their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research report on Tuesday. BTIG Research boosted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $84.00 in a research report on Monday. Finally, Stifel Nicolaus reduced their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Agree Realty Price Performance

Shares of ADC opened at $69.65 on Tuesday. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. The company’s fifty day simple moving average is $73.87 and its 200 day simple moving average is $72.08. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. On average, research analysts forecast that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Dana Investment Advisors Inc. lifted its holdings in shares of Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after acquiring an additional 170 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 216 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after acquiring an additional 252 shares during the last quarter. Finally, Carmel Capital Partners LLC raised its holdings in Agree Realty by 4.0% in the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 257 shares during 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.