Agree Realty (NYSE:ADC) Lowered to “Sell” Rating by Wall Street Zen

Agree Realty (NYSE:ADC) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Other analysts have also recently issued research reports about the company. Barclays set a $77.00 price target on Agree Realty and gave the stock an “equal weight” rating in a research report on Wednesday, May 21st. Truist Financial boosted their price target on Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Mizuho cut their price objective on Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. Stifel Nicolaus boosted their price objective on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $80.96.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $74.64 on Friday. The business’s 50-day moving average price is $75.59 and its two-hundred day moving average price is $73.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. Agree Realty has a one year low of $60.42 and a one year high of $79.65. The company has a market capitalization of $8.21 billion, a P/E ratio of 42.17, a price-to-earnings-growth ratio of 2.36 and a beta of 0.56.

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 3.66% and a net margin of 30.05%. 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. Analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently modified their holdings of the stock. Cullen Frost Bankers Inc. acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $27,000. SVB Wealth LLC acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty in the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC raised its holdings in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 270 shares in the last quarter. Finally, NBC Securities Inc. acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $39,000. 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.