Agree Realty (NYSE:ADC) Cut to Sell at StockNews.com

StockNews.com cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report published on Friday.

A number of other equities research analysts have also recently weighed in on ADC. Royal Bank of Canada dropped their price objective on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a research note on Thursday, February 15th. Stifel Nicolaus reduced their price target on shares of Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a research report on Wednesday, February 14th. BMO Capital Markets started coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an outperform rating and a $69.00 price objective for the company. Truist Financial reduced their target price on shares of Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a report on Tuesday, February 27th. Finally, Wells Fargo & Company cut their price objective on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $65.61.

Agree Realty Trading Up 1.3 %

ADC opened at $58.78 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty has a 1-year low of $52.69 and a 1-year high of $69.26. The company’s 50 day simple moving average is $56.72 and its two-hundred day simple moving average is $58.40. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 34.58, a price-to-earnings-growth ratio of 2.70 and a beta of 0.52.

Agree Realty Increases Dividend

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

Insider Buying and Selling at Agree Realty

In other news, Director John Rakolta, Jr. bought 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average cost of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, the director now directly owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders purchased 42,482 shares of company stock worth $2,397,572 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Agree Realty during the fourth quarter worth about $71,409,000. Principal Financial Group Inc. increased its holdings in Agree Realty by 12.1% during the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after acquiring an additional 719,430 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after purchasing an additional 462,828 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in shares of Agree Realty by 2,442.7% in the third quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock valued at $25,828,000 after purchasing an additional 449,167 shares during the last quarter. Finally, Cincinnati Insurance Co. increased its stake in shares of Agree Realty by 106.7% during the 1st quarter. Cincinnati Insurance Co. now owns 789,500 shares of the real estate investment trust’s stock worth $45,096,000 after purchasing an additional 407,500 shares in the last quarter. 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.