Shares of Agree Realty Corp. (NYSE:ADC) have earned an average rating of “Buy” from the seven ratings firms that are covering the company. One analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $43.80.
A number of brokerages have recently issued reports on ADC. Jefferies Group increased their target price on Agree Realty Corp. from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, July 14th. Wunderlich increased their price target on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Finally, Stifel Nicolaus initiated coverage on Agree Realty Corp. in a research report on Thursday, July 7th. They set a “buy” rating and a $54.00 price target on the stock.
Shares of Agree Realty Corp. (NYSE:ADC) traded up 1.5276% during midday trading on Monday, hitting $50.3983. The stock had a trading volume of 271,664 shares. Agree Realty Corp. has a 52 week low of $29.15 and a 52 week high of $51.33. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 24.8512 and a beta of 0.62. The stock has a 50 day moving average price of $47.99 and a 200-day moving average price of $44.35.
Agree Realty Corp. (NYSE:ADC) last issued its earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The business earned $21.84 million during the quarter, compared to analysts’ expectations of $21.27 million. 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 earnings per share for the current 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 3.87%. Agree Realty Corp.’s payout ratio is 93.20%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cohen & Steers Inc. purchased a new position in shares of Agree Realty Corp. during the second quarter worth approximately $12,490,000. Vanguard Group Inc. raised its position in shares of Agree Realty Corp. by 23.6% in the second quarter. Vanguard Group Inc. now owns 2,873,952 shares of the real estate investment trust’s stock worth $138,640,000 after buying an additional 548,550 shares during the last quarter. FMR LLC raised its position in shares of Agree Realty Corp. by 112.3% in the second quarter. FMR LLC now owns 690,710 shares of the real estate investment trust’s stock worth $33,320,000 after buying an additional 365,400 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in shares of Agree Realty Corp. during the second quarter worth approximately $17,374,000. Finally, BlackRock Fund Advisors raised its position in shares of Agree Realty Corp. by 17.9% in the second quarter. BlackRock Fund Advisors now owns 1,492,484 shares of the real estate investment trust’s stock worth $71,997,000 after buying an additional 226,976 shares during the last quarter. Hedge funds and other institutional investors own 80.71% of the company’s stock.
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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