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

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

A number of other analysts have also recently commented on the stock. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research note on Monday, January 22nd. Stifel Nicolaus cut their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a report on Wednesday, February 14th. Royal Bank of Canada reduced their price target on Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Truist Financial dropped their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. Finally, BMO Capital Markets started coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. One investment 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $65.61.

Agree Realty Trading Up 1.3 %

Shares of ADC opened at $58.78 on Friday. The firm has a market cap of $5.92 billion, a P/E ratio of 34.58, a price-to-earnings-growth ratio of 2.66 and a beta of 0.52. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The business has a 50-day moving average of $56.72 and a 200 day moving average of $58.38.

Insider Buying and Selling

In related news, Chairman Richard Agree bought 16,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the acquisition, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now owns 135,855 shares in the company, valued at $7,539,952.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 42,482 shares of company stock worth $2,397,572 in the last 90 days. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of ADC. GSA Capital Partners LLP bought a new stake in shares of Agree Realty during the first quarter valued at approximately $731,000. Cincinnati Insurance Co. lifted its position in Agree Realty by 106.7% during the first quarter. Cincinnati Insurance Co. now owns 789,500 shares of the real estate investment trust’s stock valued at $45,096,000 after buying an additional 407,500 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of Agree Realty during the 1st quarter valued at $174,000. FORA Capital LLC bought a new stake in shares of Agree Realty during the 1st quarter valued at $1,600,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Agree Realty by 126.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust’s stock worth $520,000 after buying an additional 5,087 shares during the period. Hedge funds and other 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.