Agree Realty (NYSE:ADC) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report published on Sunday morning.

ADC has been the topic of a number of other research reports. Barclays lifted their price target on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Stifel Nicolaus set a $83.50 price target on Agree Realty in a research report on Tuesday, November 25th. Truist Financial cut their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, October 24th. KeyCorp boosted their target price on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $80.23.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $70.45 on Friday. The company has a market cap of $8.10 billion, a P/E ratio of 41.20, a P/E/G ratio of 2.19 and a beta of 0.55. The business has a fifty day simple moving average of $72.85 and a 200-day simple moving average of $72.71. Agree Realty has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period last year, the company earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Equities research analysts forecast that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Wednesday, December 31st. Agree Realty’s dividend payout ratio is currently 183.63%.

Insider Transactions at Agree Realty

In other news, Director John Rakolta, Jr. acquired 15,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were bought at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, the director directly owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently added to or reduced their stakes in ADC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Agree Realty by 3.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust’s stock valued at $56,628,000 after buying an additional 26,202 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after acquiring an additional 19,948 shares in the last quarter. Strs Ohio purchased a new position in Agree Realty in the first quarter valued at about $12,056,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Agree Realty by 7.3% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,326 shares of the real estate investment trust’s stock valued at $1,704,000 after purchasing an additional 1,581 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Agree Realty by 16.4% during 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 in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.