Agree Realty (NYSE:ADC) Stock Rating Lowered by StockNews.com

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

A number of other brokerages have also recently weighed in on ADC. Robert W. Baird upped their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Mizuho upped their price target on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group upped their price target on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, KeyCorp upped their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned 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 a consensus target price of $75.73.

Agree Realty Price Performance

Shares of ADC opened at $75.96 on Thursday. Agree Realty has a twelve month low of $54.28 and a twelve month high of $77.47. The stock’s 50 day moving average is $75.03 and its two-hundred day moving average is $68.48. The firm has a market capitalization of $7.86 billion, a PE ratio of 41.96, a P/E/G ratio of 3.11 and a beta of 0.61. 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 announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $152.83 million. During the same period last year, the firm earned $1.00 EPS. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. Research analysts anticipate that Agree Realty will post 4.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after acquiring an additional 258,217 shares in the last quarter. Long Pond Capital LP grew its position in shares of Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after buying an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after purchasing an additional 534,545 shares during the last quarter. FMR LLC lifted its stake in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.