Agree Realty (NYSE:ADC) Raised to “Hold” at StockNews.com

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

A number of other analysts have also recently weighed in on the stock. Mizuho reduced their price objective on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, March 7th. BMO Capital Markets started coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 price objective for the company. JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. Stifel Nicolaus reduced their price objective on shares of Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research note on Wednesday, February 14th. Finally, Wells Fargo & Company cut their target price 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. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $57.77 on Thursday. The firm has a fifty day simple moving average of $56.63 and a 200-day simple moving average of $58.29. The company has a current ratio of 0.71, a quick ratio of 0.74 and a debt-to-equity ratio of 0.50. Agree Realty has a 1-year low of $52.69 and a 1-year high of $69.26. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 2.66 and a beta of 0.52.

Agree Realty Increases Dividend

The firm also recently declared 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. This represents a $3.00 annualized dividend and a yield of 5.19%. The ex-dividend date is Monday, April 29th. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is 174.12%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 2,000 shares of the stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Agree Realty news, CEO Joey Agree purchased 2,000 shares of the stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John Rakolta, Jr. purchased 20,430 shares of the stock in a transaction 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 acquisition, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock valued at $2,397,572 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Agree Realty

Several large investors have recently made changes to their positions in ADC. National Bank of Canada FI bought a new stake in shares of Agree Realty in the 3rd quarter worth about $824,000. CWM LLC grew its holdings in shares of Agree Realty by 117.3% in the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 393 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Agree Realty by 136.1% in the 3rd quarter. SG Americas Securities LLC now owns 23,713 shares of the real estate investment trust’s stock worth $1,310,000 after purchasing an additional 13,671 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Agree Realty by 3.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 55,422 shares of the real estate investment trust’s stock worth $3,061,000 after purchasing an additional 1,860 shares during the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of Agree Realty in the 3rd quarter worth about $1,183,000. 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.