Agree Realty (NYSE:ADC) Hits New 1-Year Low Following Analyst Downgrade

Posted by Defense World Staff on Sep 26th, 2023

Agree Realty Co. (NYSE:ADC – Get Free Report) hit a new 52-week low during trading on Monday after Citigroup lowered their price target on the stock from $75.00 to $64.00. Citigroup currently has a neutral rating on the stock. Agree Realty traded as low as $56.56 and last traded at $56.71, with a volume of 39609 shares trading hands. The stock had previously closed at $56.94.

Several other research analysts have also weighed in on the company. Royal Bank of Canada dropped their price target on Agree Realty from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Thursday, August 3rd. Stifel Nicolaus upped their price target on Agree Realty from $76.00 to $76.50 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. StockNews.com initiated coverage on Agree Realty in a research report on Thursday, August 17th. They set a “sell” rating on the stock. BNP Paribas initiated coverage on Agree Realty in a research report on Wednesday, June 14th. They set an “outperform” rating and a $80.00 price target on the stock. Finally, Wells Fargo & Company initiated coverage on Agree Realty in a research report on Wednesday, September 20th. They set an “overweight” rating and a $70.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $73.45.

Get Our Latest Stock Analysis on Agree Realty

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. acquired 30,000 shares of the stock in a transaction dated Thursday, September 21st. The shares were acquired at an average price of $57.48 per share, with a total value of $1,724,400.00. Following the acquisition, the director now owns 360,056 shares in the company, valued at approximately $20,696,018.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Joey Agree acquired 10,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were acquired at an average price of $62.79 per share, with a total value of $627,900.00. Following the acquisition, the chief executive officer now owns 539,253 shares in the company, valued at approximately $33,859,695.87. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Rakolta, Jr. acquired 30,000 shares of the stock in a transaction dated Thursday, September 21st. The shares were bought at an average cost of $57.48 per share, for a total transaction of $1,724,400.00. Following the acquisition, the director now owns 360,056 shares in the company, valued at approximately $20,696,018.88. The disclosure for this purchase can be found here. Insiders have bought a total of 83,751 shares of company stock valued at $5,107,060 in the last three months. Insiders own 1.60% of the company’s stock.

Institutional Trading of Agree Realty

Several hedge funds have recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL bought a new stake in Agree Realty during the 2nd quarter valued at approximately $5,771,000. Coppell Advisory Solutions LLC bought a new stake in Agree Realty during the 2nd quarter valued at approximately $48,000. Public Employees Retirement System of Ohio boosted its stake in Agree Realty by 38.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 164,338 shares of the real estate investment trust’s stock valued at $10,746,000 after purchasing an additional 45,573 shares during the period. State of Tennessee Treasury Department bought a new stake in Agree Realty during the 2nd quarter valued at approximately $1,827,000. Finally, Natixis Advisors L.P. boosted its stake in Agree Realty by 0.9% during the 2nd quarter. Natixis Advisors L.P. now owns 59,272 shares of the real estate investment trust’s stock valued at $3,876,000 after purchasing an additional 550 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

The firm has a 50 day moving average of $62.46 and a two-hundred day moving average of $64.96. The stock has a market cap of $5.47 billion, a P/E ratio of 32.30, a P/E/G ratio of 3.18 and a beta of 0.45. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a $0.243 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.13%. Agree Realty’s dividend payout ratio is currently 165.91%.

About Agree Realty

(Get Free Report)

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 June 30, 2023, the Company owned and operated a portfolio of 2,004 properties, located in 49 states and containing approximately 41.7 million square feet of gross leasable area.