Agree Realty (NYSE:ADC) Stock Rating Lowered by Morgan Stanley

Agree Realty (NYSE:ADC) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Friday, MarketBeat reports. They presently have a $75.00 price objective on the real estate investment trust’s stock. Morgan Stanley’s price target indicates a potential upside of 4.75% from the company’s current price.

Several other analysts also recently weighed in on the stock. Evercore ISI boosted their target price on shares of Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. BTIG Research downgraded shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. Barclays set a $77.00 target price on shares of Agree Realty and gave the stock an “equal weight” rating in a research report on Wednesday, May 21st. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Finally, Stifel Nicolaus boosted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $80.54.

Agree Realty Stock Up 0.9%

Shares of Agree Realty stock opened at $71.60 on Friday. The firm’s 50 day moving average price is $74.20 and its 200-day moving average price is $73.92. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty has a 52-week low of $64.10 and a 52-week high of $79.65. The company has a market cap of $7.88 billion, a P/E ratio of 40.45, a PEG ratio of 2.32 and a beta of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. 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 firm earned $0.43 EPS. On average, sell-side analysts predict that Agree Realty will post 4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Agree Realty

Large investors have recently made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new position in Agree Realty during the first quarter worth $27,000. Farther Finance Advisors LLC raised its position in Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 306 shares during the period. SVB Wealth LLC acquired a new position in Agree Realty during the first quarter worth $33,000. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the fourth quarter worth $31,000. Finally, Capital Advisors Ltd. LLC raised its position in Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 270 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.