Shares of Agree Realty Co. (NYSE:ADC) have received an average rating of “Buy” from the twelve analysts that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $54.57.
ADC has been the subject of several recent research reports. Zacks Investment Research upgraded Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, October 25th. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Wells Fargo & Co upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price target for the company in a research report on Tuesday, December 19th. Jefferies Group set a $51.00 price target on Agree Realty and gave the company a “hold” rating in a research report on Friday, December 15th. Finally, FBR & Co reiterated a “buy” rating and set a $58.00 price target (up from $56.00) on shares of Agree Realty in a research report on Monday, September 18th.
Shares of Agree Realty (NYSE ADC) traded down $0.04 during mid-day trading on Tuesday, reaching $50.53. The company had a trading volume of 133,000 shares, compared to its average volume of 213,680. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a market capitalization of $1,477.44, a PE ratio of 24.77, a P/E/G ratio of 3.47 and a beta of 0.56. Agree Realty has a 52 week low of $44.28 and a 52 week high of $53.65.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.27). The company had revenue of $30.39 million for the quarter, compared to analysts’ expectations of $29.48 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 earnings per share. research analysts anticipate that Agree Realty will post 2.7 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th were issued a $0.52 dividend. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 4.12%. The ex-dividend date was Tuesday, December 19th. Agree Realty’s dividend payout ratio (DPR) is presently 101.96%.
In other Agree Realty news, CFO Clayton R. Thelen acquired 1,010 shares of the company’s stock in a transaction on Monday, December 11th. The shares were bought at an average cost of $49.56 per share, with a total value of $50,055.60. Following the completion of the acquisition, the chief financial officer now owns 5,073 shares in the company, valued at $251,417.88. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. acquired 3,300 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Agree Realty by 3.5% in the second quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock worth $176,299,000 after acquiring an additional 129,983 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Agree Realty by 6.5% in the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after acquiring an additional 214,773 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Agree Realty by 2.5% in the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock worth $38,392,000 after acquiring an additional 20,089 shares during the last quarter. State Street Corp boosted its stake in shares of Agree Realty by 5.9% in the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock worth $34,801,000 after acquiring an additional 42,067 shares during the last quarter. Finally, Barings LLC boosted its stake in shares of Agree Realty by 34.3% in the third quarter. Barings LLC now owns 542,482 shares of the real estate investment trust’s stock worth $26,625,000 after acquiring an additional 138,551 shares during the last quarter. 87.20% of the stock is currently owned by institutional investors.
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About Agree Realty
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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