Agree Realty (NYSE:ADC) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company reduced their price objective on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, February 20th. Truist Financial reduced their price objective on shares of Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a research note on Tuesday, February 27th. Royal Bank of Canada reduced their price objective on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. Mizuho reduced their price objective on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, March 7th. Finally, Stifel Nicolaus reduced their price objective on shares of Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a research note on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $65.61.

Agree Realty Trading Down 0.5 %

ADC opened at $57.77 on Thursday. The company’s 50 day moving average price is $56.63 and its two-hundred day moving average price is $58.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.74. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 2.65 and a beta of 0.52.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 5.19%. Agree Realty’s dividend payout ratio is presently 176.47%.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the acquisition, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Joey Agree bought 3,500 shares of Agree Realty stock in a transaction dated Wednesday, February 21st. The stock was purchased at an average price of $56.92 per share, for a total transaction of $199,220.00. Following the purchase, the chief executive officer now directly owns 561,403 shares in the company, valued at approximately $31,955,058.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The stock was purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 42,482 shares of company stock worth $2,397,572. Insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Institutional investors have recently made changes to their positions in the company. HBC Financial Services PLLC bought a new stake in shares of Agree Realty in the 4th quarter worth $31,000. Lindbrook Capital LLC grew its stake in shares of Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 430 shares in the last quarter. CWM LLC grew its stake in shares of Agree Realty by 117.3% in the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 393 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 512 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in Agree Realty during the fourth quarter valued at about $44,000. 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.