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

StockNews.com cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research note released on Friday morning.

Several other analysts have also weighed in on ADC. Stifel Nicolaus dropped their price objective on shares of Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a report on Wednesday, February 14th. Truist Financial cut their price target on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a report on Tuesday, February 27th. BMO Capital Markets assumed coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 target price for the company. Wells Fargo & Company decreased their price target on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, February 20th. Finally, Mizuho reduced their price objective on Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Trading Up 1.4 %

Shares of ADC opened at $58.79 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. The stock has a 50 day simple moving average of $56.72 and a 200-day simple moving average of $58.37. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The stock has a market cap of $5.92 billion, a PE ratio of 34.58, a PEG ratio of 2.64 and a beta of 0.52.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.10%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree purchased 2,000 shares of Agree Realty stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Joey Agree acquired 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders purchased 42,482 shares of company stock valued at $2,397,572 over the last quarter. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds have recently modified their holdings of the business. HBC Financial Services PLLC bought a new stake in shares of Agree Realty during the fourth quarter worth about $31,000. Lindbrook Capital LLC increased its position in shares of Agree Realty by 267.1% during the fourth quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 430 shares during the last quarter. UMB Bank n.a. increased its position in shares of Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 512 shares during the last quarter. CWM LLC boosted its holdings in shares of Agree Realty by 117.3% in the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 393 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. grew its position in Agree Realty by 96.6% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 364 shares during the period. Institutional investors and hedge funds 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.