Agree Realty (NYSE:ADC) Rating Lowered to “Market Perform” at JMP Securities

Agree Realty (NYSE:ADC) was downgraded by analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a report released on Tuesday, Marketbeat Ratings reports.

ADC has been the topic of a number of other reports. UBS Group upped their price target on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho boosted their price objective on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. BTIG Research increased their price objective on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Wells Fargo & Company reduced their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Price Performance

Agree Realty stock opened at $70.62 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The business’s 50 day simple moving average is $75.17 and its 200 day simple moving average is $71.10. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The company has a market cap of $7.31 billion, a price-to-earnings ratio of 39.02, a PEG ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the previous year, the company posted $1.00 EPS. The firm’s revenue was up 12.8% compared to the same quarter last year. Sell-side analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently added to or reduced their stakes in the business. MCF Advisors LLC purchased a new stake in Agree Realty during the second quarter valued at about $26,000. Headlands Technologies LLC grew its position in Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. increased its stake in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares during the period. Arcadia Investment Management Corp MI bought a new stake in Agree Realty in the third quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty during the third quarter valued at approximately $77,000. 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.