Agree Realty (NYSE:ADC) Lowered to Sell at StockNews.com

StockNews.com lowered shares of Agree Realty (NYSE:ADCFree Report) from a hold rating to a sell rating in a report issued on Monday.

Several other analysts have also weighed in on ADC. Royal Bank of Canada reduced their price objective on Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. Mizuho raised their price objective on Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research note on Friday, May 10th. Truist Financial cut their price objective on Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a research report on Tuesday, February 27th. Stifel Nicolaus cut their price objective on Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a report on Wednesday, February 14th. Finally, UBS Group started coverage on Agree Realty in a research note on Friday. They issued a neutral rating and a $60.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $65.25.

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Agree Realty Price Performance

Shares of ADC opened at $60.97 on Monday. Agree Realty has a 52-week low of $52.69 and a 52-week high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a 50 day simple moving average of $58.14 and a 200 day simple moving average of $58.90. The firm has a market capitalization of $6.14 billion, a PE ratio of 35.86, a P/E/G ratio of 2.41 and a beta of 0.56.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $3.00 annualized dividend and a yield of 4.92%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insider Activity

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. HBC Financial Services PLLC acquired a new position in shares of Agree Realty during the fourth quarter worth $31,000. Lindbrook Capital LLC grew its position in shares of Agree Realty by 267.1% in the fourth quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 430 shares during the last quarter. UMB Bank n.a. boosted its position in Agree Realty by 247.3% during the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 512 shares during the last quarter. GAMMA Investing LLC purchased a new position in Agree Realty during the fourth quarter worth approximately $44,000. Finally, Jamison Private Wealth Management Inc. raised its stake in shares of Agree Realty by 96.6% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 364 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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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.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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