Agree Realty Co. (NYSE:ADC) Director John Rakolta, Jr. acquired 13,274 shares of Agree Realty stock in a transaction that occurred on Wednesday, September 5th. The stock was purchased at an average price of $54.80 per share, with a total value of $727,415.20. Following the transaction, the director now owns 12,000 shares of the company’s stock, valued at $657,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of ADC stock traded down $0.08 during midday trading on Friday, reaching $54.79. 4,504 shares of the company traded hands, compared to its average volume of 204,678. Agree Realty Co. has a 1-year low of $43.74 and a 1-year high of $57.49. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.71. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 3.75 and a beta of 0.26.
Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.06. Agree Realty had a net margin of 43.90% and a return on equity of 6.53%. The company had revenue of $35.71 million during the quarter, compared to the consensus estimate of $35.50 million. sell-side analysts forecast that Agree Realty Co. will post 2.9 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Friday, September 28th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.94%. Agree Realty’s payout ratio is 79.41%.
Several hedge funds have recently bought and sold shares of ADC. BlackRock Inc. lifted its position in shares of Agree Realty by 11.3% during the 2nd quarter. BlackRock Inc. now owns 4,991,362 shares of the real estate investment trust’s stock valued at $263,394,000 after acquiring an additional 506,520 shares during the period. Principal Financial Group Inc. lifted its position in shares of Agree Realty by 46.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,351,388 shares of the real estate investment trust’s stock valued at $64,922,000 after acquiring an additional 429,009 shares during the period. Millennium Management LLC acquired a new position in shares of Agree Realty during the 1st quarter worth approximately $12,246,000. Uniplan Investment Counsel Inc. raised its position in shares of Agree Realty by 54.9% during the 1st quarter. Uniplan Investment Counsel Inc. now owns 642,200 shares of the real estate investment trust’s stock worth $30,825,000 after purchasing an additional 227,737 shares during the last quarter. Finally, Citadel Advisors LLC raised its position in shares of Agree Realty by 60.4% during the 1st quarter. Citadel Advisors LLC now owns 486,771 shares of the real estate investment trust’s stock worth $23,384,000 after purchasing an additional 183,268 shares during the last quarter. Institutional investors own 96.31% of the company’s stock.
A number of equities research analysts recently commented on ADC shares. Wells Fargo & Co set a $63.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a research report on Tuesday. SunTrust Banks set a $57.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a research report on Tuesday, August 7th. Stifel Nicolaus raised their price objective on shares of Agree Realty from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. Finally, ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $56.63.
Agree Realty Company Profile
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.
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