Agree Realty (NYSE:ADC) Downgraded to “Sell” Rating by StockNews.com

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

ADC has been the subject of a number of other reports. Raymond James increased their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Stifel Nicolaus lifted their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BTIG Research increased their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada boosted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Wells Fargo & Company cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Price Performance

ADC stock traded down $1.08 during mid-day trading on Thursday, hitting $75.57. 788,294 shares of the stock were exchanged, compared to its average volume of 971,624. The business has a fifty day moving average price of $75.00 and a 200 day moving average price of $68.30. Agree Realty has a 12 month low of $54.28 and a 12 month high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 41.75, a PEG ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share 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 business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the firm earned $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, sell-side analysts anticipate that Agree Realty will post 4.11 EPS for the current year.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Waterfront Capital Partners LLC bought a new position in Agree Realty during the third quarter valued at approximately $21,326,000. BNP Paribas Financial Markets increased its position in Agree Realty by 168.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 103,731 shares of the real estate investment trust’s stock valued at $7,814,000 after purchasing an additional 65,127 shares during the period. Quantbot Technologies LP raised its position in shares of Agree Realty by 134.3% in the 3rd quarter. Quantbot Technologies LP now owns 96,346 shares of the real estate investment trust’s stock worth $7,258,000 after acquiring an additional 55,217 shares in 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, Harvest Fund Management Co. Ltd boosted its position in Agree Realty by 104.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 3,004 shares of the real estate investment trust’s stock valued at $226,000 after purchasing an additional 1,533 shares in the last quarter. 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.