BTIG Research Downgrades Agree Realty (NYSE:ADC) to Neutral

BTIG Research cut shares of Agree Realty (NYSE:ADC) from a buy rating to a neutral rating in a research report report published on Wednesday morning, Marketbeat Ratings reports.

A number of other research analysts have also commented on the company. Robert W. Baird upped their price objective on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Stifel Nicolaus increased their price target on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Truist Financial lifted their price objective on Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a report on Monday, May 5th. Royal Bank of Canada cut their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a report on Wednesday, April 30th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $81.04.

Agree Realty Stock Performance

Shares of ADC stock opened at $75.15 on Wednesday. The company has a market capitalization of $8.27 billion, a P/E ratio of 42.22, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty has a 52 week low of $58.52 and a 52 week high of $79.65. The company’s 50 day moving average price is $75.92 and its two-hundred day moving average price is $74.13.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the prior year, the business posted $0.43 EPS. On average, analysts expect that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio is 173.45%.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of the stock. Cohen & Steers Inc. raised its holdings in shares of Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Agree Realty in the 4th quarter worth about $101,382,000. Millennium Management LLC grew its position in Agree Realty by 1,036.9% during the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after buying an additional 1,068,271 shares during the period. Invesco Ltd. increased its holdings in Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after buying an additional 1,020,512 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

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.