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

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

Several other analysts have also commented on the company. Barclays lifted their price objective on Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Truist Financial cut their price target on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Evercore ISI reduced their price target on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. Mizuho lowered their price objective on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Stock Down 0.5%

ADC opened at $70.45 on Friday. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 41.20, a PEG ratio of 2.18 and a beta of 0.55. The firm has a 50 day moving average price of $72.85 and a 200-day moving average price of $72.71. Agree Realty has a twelve month low of $67.58 and a twelve month high of $79.65. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. During the same quarter last year, the company posted $1.03 earnings per share. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Equities research analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Insider Activity

In other news, Director John Rakolta, Jr. bought 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The shares were bought at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the transaction, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Agree Realty by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after acquiring an additional 329,892 shares during the last quarter. State Street Corp raised its stake in Agree Realty by 0.5% during the third quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust’s stock valued at $412,954,000 after purchasing an additional 27,546 shares in the last quarter. Centersquare Investment Management LLC lifted its position in Agree Realty by 1.8% during the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after purchasing an additional 51,269 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Agree Realty by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after buying an additional 170,827 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of Agree Realty by 0.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock worth $167,825,000 after buying an additional 15,389 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.