Agree Realty (NYSE:ADC) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research note released on Thursday.

A number of other brokerages have also commented on ADC. JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 price target for the company in a research note on Monday, January 22nd. Stifel Nicolaus cut their target price on shares of Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research report on Wednesday, February 14th. Wells Fargo & Company reduced their target price on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a report on Tuesday, February 20th. Truist Financial reduced their target price on shares of Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a report on Tuesday, February 27th. Finally, Mizuho reduced their target price on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.31 during trading hours on Thursday, reaching $58.36. The company had a trading volume of 18,098 shares, compared to its average volume of 1,050,191. The business has a fifty day moving average price of $56.62 and a 200-day moving average price of $58.25. Agree Realty has a one year low of $52.69 and a one year high of $69.26. The firm has a market cap of $5.87 billion, a PE ratio of 34.16, a price-to-earnings-growth ratio of 2.68 and a beta of 0.52. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.14%. Agree Realty’s dividend payout ratio is currently 174.12%.

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John Rakolta, Jr. bought 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The shares were acquired at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the purchase, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard Agree bought 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADC. Norges Bank purchased a new position in Agree Realty during the 4th quarter valued at about $71,409,000. Principal Financial Group Inc. increased its position in Agree Realty by 12.1% during the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after purchasing an additional 719,430 shares during the period. Vanguard Group Inc. increased its position in Agree Realty by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after purchasing an additional 462,828 shares during the period. Jupiter Asset Management Ltd. increased its position in Agree Realty by 2,442.7% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock valued at $25,828,000 after purchasing an additional 449,167 shares during the period. Finally, Land & Buildings Investment Management LLC bought a new stake in shares of Agree Realty in the 4th quarter valued at about $25,475,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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.