Agree Realty (NYSE:ADC) Downgraded by BTIG Research to Neutral

BTIG Research lowered shares of Agree Realty (NYSE:ADC) from a buy rating to a neutral rating in a research note published on Wednesday morning, Marketbeat Ratings reports.

Several other brokerages have also weighed in on ADC. Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada cut their price target on shares of 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 upped their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Robert W. Baird raised their target price on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Finally, Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $81.04.

Agree Realty Trading Down 0.6 %

Agree Realty stock opened at $76.17 on Wednesday. Agree Realty has a 12 month low of $58.18 and a 12 month high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market cap of $8.38 billion, a P/E ratio of 42.79, a P/E/G ratio of 2.88 and a beta of 0.57. The company’s fifty day simple moving average is $75.89 and its 200-day simple moving average is $74.13.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. As a group, sell-side analysts forecast that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 4.1%. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 173.45%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ADC. Cohen & Steers Inc. increased its position in Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after acquiring an additional 2,937,147 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Agree Realty during the fourth quarter valued at about $101,382,000. Millennium Management LLC lifted its stake in shares of Agree Realty by 1,036.9% in the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after buying an additional 1,068,271 shares during the period. Invesco Ltd. grew its position in Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after buying an additional 1,020,512 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares during the period. 97.83% of the stock is currently 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.