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

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

Several other research firms have also recently issued reports on ADC. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a report on Wednesday, April 30th. Royal Bank of Canada decreased their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Wells Fargo & Company raised their price target on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Stifel Nicolaus raised their price target on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Finally, Mizuho raised their price target on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $73.48 on Friday. Agree Realty has a twelve month low of $58.52 and a twelve month high of $79.65. The firm has a market cap of $8.08 billion, a PE ratio of 41.28, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business has a fifty day moving average of $75.88 and a 200-day moving average of $74.10.

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

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently modified their holdings of the business. Burkehill Global Management LP lifted its holdings in shares of Agree Realty by 450.0% during the 1st quarter. Burkehill Global Management LP now owns 550,000 shares of the real estate investment trust’s stock valued at $42,454,000 after purchasing an additional 450,000 shares in the last quarter. Nuveen LLC bought a new position in shares of Agree Realty during the 1st quarter valued at about $64,759,000. Virtu Financial LLC bought a new position in shares of Agree Realty during the 1st quarter valued at about $478,000. Entropy Technologies LP bought a new position in shares of Agree Realty during the 1st quarter valued at about $1,789,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock valued at $180,487,000 after purchasing an additional 353,884 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.