Wall Street Zen Upgrades Agree Realty (NYSE:ADC) to Hold

Wall Street Zen upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research note published on Friday morning.

A number of other research analysts have also recently commented on ADC. Barclays set a $77.00 price target on Agree Realty and gave the company an “equal weight” rating in a research report on Wednesday, May 21st. UBS Group dropped their price target on Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. BTIG Research cut Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research report on Friday, May 16th. Finally, Wells Fargo & Company upped their price target on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $81.19.

Agree Realty Stock Up 1.4%

ADC stock opened at $75.41 on Friday. The stock’s fifty day simple moving average is $75.52 and its two-hundred day simple moving average is $74.12. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty has a 1-year low of $59.66 and a 1-year high of $79.65. The stock has a market cap of $8.30 billion, a P/E ratio of 42.37, a P/E/G ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The business had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. Analysts expect that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.07%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty’s payout ratio is presently 173.45%.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Cohen & Steers Inc. raised its stake in shares of Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the period. Raymond James Financial Inc. bought a new position in Agree Realty in the 4th quarter worth about $101,382,000. Millennium Management LLC increased its stake in Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock worth $82,518,000 after acquiring an additional 1,068,271 shares during the last quarter. Invesco Ltd. increased its stake in Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. 97.83% of the stock is currently owned by 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.