Agree Realty (NYSE:ADC) Upgraded by StockNews.com to Hold

Agree Realty (NYSE:ADC) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Several other equities research analysts also recently weighed in on ADC. Mizuho decreased their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. BMO Capital Markets began coverage on Agree Realty in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. Wells Fargo & Company decreased their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Stifel Nicolaus decreased their target price on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Finally, JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target for the company in a report on Monday, January 22nd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.61.

Agree Realty Trading Down 0.5 %

ADC stock traded down $0.30 during trading on Thursday, reaching $58.07. 831,557 shares of the stock traded hands, compared to its average volume of 1,063,133. The business’s 50 day moving average price is $56.62 and its 200-day moving average price is $58.25. Agree Realty has a 52-week low of $52.69 and a 52-week high of $69.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $5.84 billion, a PE ratio of 34.16, a P/E/G ratio of 2.66 and a beta of 0.52.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. bought 20,430 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the transaction, the director now owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Applied Capital LLC FL boosted its stake in Agree Realty by 2.4% during the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after purchasing an additional 174 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Agree Realty by 2.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock valued at $722,000 after purchasing an additional 289 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Agree Realty by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after purchasing an additional 297 shares in the last quarter. Parallel Advisors LLC boosted its stake in Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 298 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in Agree Realty by 7.7% during the 1st quarter. Fifth Third Bancorp now owns 4,290 shares of the real estate investment trust’s stock valued at $245,000 after purchasing an additional 305 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

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.