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 equities analysts also recently issued reports on the company. Jefferies Group reaffirmed a buy rating and set a $47.00 price target on shares of Agree Realty Corp. in a research report on Wednesday, July 6th. Wunderlich upped their target price on Agree Realty Corp. from $45.00 to $54.00 and gave the company a buy rating in a research report on Wednesday, July 27th. Finally, Stifel Nicolaus started coverage on Agree Realty Corp. in a research report on Thursday, July 7th. They issued a buy rating and a $54.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of Buy and an average price target of $45.83.
Shares of Agree Realty Corp. (NYSE:ADC) opened at 45.62 on Tuesday. The firm’s 50-day moving average price is $48.00 and its 200-day moving average price is $45.04. Agree Realty Corp. has a 12-month low of $30.36 and a 12-month high of $51.33. The company has a market capitalization of $1.07 billion, a PE ratio of 22.50 and a beta of 0.65.
Agree Realty Corp. (NYSE:ADC) last issued its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.61. The business had revenue of $21.84 million for 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%. Agree Realty Corp.’s revenue was up 26.9% on a year-over-year basis. On average, analysts expect that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Wednesday, September 28th. Agree Realty Corp.’s payout ratio is 93.20%.
Institutional investors have recently added to or reduced their stakes in the stock. PineBridge Investments L.P. increased its position in Agree Realty Corp. by 31.7% in the second quarter. PineBridge Investments L.P. now owns 2,998 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 721 shares during the last quarter. Teacher Retirement System of Texas increased its position in Agree Realty Corp. by 37.7% in the second quarter. Teacher Retirement System of Texas now owns 3,274 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 897 shares during the last quarter. Advisor Group Inc. purchased a new position in Agree Realty Corp. during the second quarter valued at about $176,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Agree Realty Corp. by 28.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,843 shares of the real estate investment trust’s stock valued at $185,000 after buying an additional 862 shares during the last quarter. Finally, Credit Agricole S A increased 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 valued at $188,000 after buying an additional 3,743 shares during the last quarter. 80.71% of the stock is currently owned by hedge funds and other 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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