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

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

A number of other analysts have also recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. JMP Securities raised shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd. Wells Fargo & Company decreased their price objective on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, February 20th. BMO Capital Markets assumed coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They set an outperform rating and a $69.00 price objective on the stock. Finally, Mizuho decreased their price objective on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, March 7th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $65.61.

Agree Realty Stock Performance

NYSE ADC opened at $57.77 on Thursday. The stock has a market cap of $5.81 billion, a P/E ratio of 33.98, a PEG ratio of 2.65 and a beta of 0.52. The company’s 50-day simple moving average is $56.63 and its 200 day simple moving average is $58.31. Agree Realty has a twelve month low of $52.69 and a twelve month high of $69.26. The company has a quick ratio of 0.74, a current ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, April 29th. 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 5.19%. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ADC. National Bank of Canada FI bought a new position in Agree Realty in the third quarter valued at $824,000. CWM LLC grew its position in Agree Realty by 117.3% in the third quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 393 shares in the last quarter. SG Americas Securities LLC grew its position in Agree Realty by 136.1% in the third quarter. SG Americas Securities LLC now owns 23,713 shares of the real estate investment trust’s stock valued at $1,310,000 after purchasing an additional 13,671 shares in the last quarter. State of Alaska Department of Revenue grew its position in Agree Realty by 3.5% in the third quarter. State of Alaska Department of Revenue now owns 55,422 shares of the real estate investment trust’s stock valued at $3,061,000 after purchasing an additional 1,860 shares in the last quarter. Finally, Oak Thistle LLC bought a new position in Agree Realty in the third quarter valued at $1,183,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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.