According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “
A number of other research firms also recently commented on ADC. Stifel Nicolaus initiated coverage on Agree Realty Corp. in a report on Thursday, July 7th. They set a buy rating and a $54.00 price objective for the company. Jefferies Group restated a buy rating on shares of Agree Realty Corp. in a report on Monday, August 29th. Finally, Wunderlich upped their price objective on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a buy rating in a report on Wednesday, July 27th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $45.83.
Shares of Agree Realty Corp. (NYSE:ADC) opened at 49.44 on Tuesday. The firm’s 50-day moving average price is $48.16 and its 200-day moving average price is $44.80. Agree Realty Corp. has a one year low of $29.86 and a one year high of $51.33. The stock has a market capitalization of $1.16 billion, a P/E ratio of 24.38 and a beta of 0.65.
Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, hitting analysts’ consensus estimates of $0.61. The business earned $21.84 million during the quarter, compared to the consensus estimate of $21.27 million. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The firm’s revenue was up 26.9% on a year-over-year basis. Equities research analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.48 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a yield of 3.88%. Agree Realty Corp.’s payout ratio is currently 93.20%.
Institutional investors have recently bought and sold shares of the stock. BlackRock Institutional Trust Company N.A. boosted its position in Agree Realty Corp. by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 824,898 shares of the real estate investment trust’s stock worth $31,734,000 after buying an additional 14,857 shares during the last quarter. Credit Agricole S A boosted its position in Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock worth $188,000 after buying an additional 3,743 shares during the last quarter. BlackRock Group LTD boosted its position in Agree Realty Corp. by 13.6% in the first quarter. BlackRock Group LTD now owns 155,939 shares of the real estate investment trust’s stock worth $5,999,000 after buying an additional 18,692 shares during the last quarter. Commonwealth Equity Services Inc purchased a new position in Agree Realty Corp. during the first quarter worth $562,000. Finally, Advisors Asset Management Inc. boosted its position in Agree Realty Corp. by 14.5% in the second quarter. Advisors Asset Management Inc. now owns 63,423 shares of the real estate investment trust’s stock worth $3,060,000 after buying an additional 8,034 shares during the last quarter. 80.71% of the stock is owned by institutional investors.
About Agree Realty Corp.
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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