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

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

A number of other equities research analysts also recently weighed in on ADC. Wells Fargo & Company dropped their price target on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, February 20th. BMO Capital Markets initiated coverage on Agree Realty in a research note on Tuesday, February 13th. They set an outperform rating and a $69.00 price objective for the company. Stifel Nicolaus reduced their target price on Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a report on Wednesday, February 14th. Royal Bank of Canada lowered their price target 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. Finally, JMP Securities raised shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective on the stock in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $65.61.

Agree Realty Price Performance

Agree Realty stock opened at $58.78 on Friday. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of 34.58, a P/E/G ratio of 2.70 and a beta of 0.52. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The business’s 50-day simple moving average is $56.72 and its 200 day simple moving average is $58.40.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.10%. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Activity at Agree Realty

In other news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the acquisition, the director now owns 392,549 shares in the company, valued at $22,375,293. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 20,430 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the transaction, the director now owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADC. GSA Capital Partners LLP bought a new stake in shares of Agree Realty during the 1st quarter worth approximately $731,000. Cincinnati Insurance Co. raised 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 worth $45,096,000 after acquiring an additional 407,500 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Agree Realty during the first quarter worth $174,000. FORA Capital LLC acquired a new stake in Agree Realty in the first 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 valued at $520,000 after acquiring an additional 5,087 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

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.