Shares of Agree Realty Co. (NYSE:ADC) have earned an average rating of “Buy” from the nine ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $58.00.
Several analysts have issued reports on ADC shares. Jefferies Financial Group set a $58.00 price target on shares of Agree Realty and gave the company a “hold” rating in a report on Monday, September 17th. Stifel Nicolaus upped their price target on shares of Agree Realty from $55.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. ValuEngine downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. SunTrust Banks set a $57.00 price target on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, August 7th. Finally, Wells Fargo & Co set a $63.00 price target on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, September 4th.
In other news, insider Richard Agree acquired 6,000 shares of the business’s stock in a transaction dated Thursday, September 6th. The stock was acquired at an average price of $54.77 per share, with a total value of $328,620.00. Following the completion of the transaction, the insider now directly owns 417,966 shares in the company, valued at approximately $22,891,997.82. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Rakolta, Jr. acquired 13,274 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was purchased at an average cost 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 disclosure for this purchase can be found here. In the last three months, insiders bought 19,494 shares of company stock valued at $1,067,618. Company insiders own 3.70% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Teachers Insurance & Annuity Association of America raised its position in shares of Agree Realty by 2.5% in the second quarter. Teachers Insurance & Annuity Association of America now owns 39,666 shares of the real estate investment trust’s stock valued at $2,093,000 after buying an additional 967 shares during the last quarter. US Bancorp DE raised its position in shares of Agree Realty by 6.2% in the second quarter. US Bancorp DE now owns 16,725 shares of the real estate investment trust’s stock valued at $882,000 after buying an additional 983 shares during the last quarter. Glen Harbor Capital Management LLC raised its position in shares of Agree Realty by 14.4% in the second quarter. Glen Harbor Capital Management LLC now owns 7,820 shares of the real estate investment trust’s stock valued at $413,000 after buying an additional 986 shares during the last quarter. Mason Street Advisors LLC increased its position in Agree Realty by 13.1% during the first quarter. Mason Street Advisors LLC now owns 8,598 shares of the real estate investment trust’s stock worth $413,000 after purchasing an additional 999 shares during the last quarter. Finally, Profund Advisors LLC increased its position in Agree Realty by 22.8% during the first quarter. Profund Advisors LLC now owns 5,431 shares of the real estate investment trust’s stock worth $261,000 after purchasing an additional 1,008 shares during the last quarter. 96.31% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE ADC traded up $0.14 on Thursday, hitting $53.89. The company’s stock had a trading volume of 416,700 shares, compared to its average volume of 221,653. Agree Realty has a 12-month low of $43.74 and a 12-month high of $57.49. The company has a market capitalization of $1.65 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 3.71 and a beta of 0.23. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.03 and a quick ratio of 1.03.
Agree Realty (NYSE:ADC) last announced 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 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 for the quarter, compared to the consensus estimate of $35.50 million. On average, analysts forecast that Agree Realty will post 2.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date was Thursday, September 27th. Agree Realty’s dividend payout ratio is presently 79.41%.
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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