Agree Realty Corp. (ADC) Downgraded to “Sell” at Zacks Investment Research
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. “
Other research analysts have also issued reports about the stock. Wunderlich lifted their price objective on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the company a buy rating in a research note on Wednesday, July 27th. Jefferies Group lifted their price objective on shares of Agree Realty Corp. from $45.00 to $47.00 and gave the company a buy rating in a research note on Tuesday, May 31st. Finally, Stifel Nicolaus assumed coverage on shares of Agree Realty Corp. in a research note on Thursday, July 7th. They issued a buy rating and a $54.00 price objective for the company. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Agree Realty Corp. has a consensus rating of Buy and a consensus price target of $45.83.
Shares of Agree Realty Corp. (NYSE:ADC) traded up 0.14% during midday trading on Tuesday, reaching $49.85. The company had a trading volume of 9,562 shares. The firm has a market capitalization of $1.17 billion, a P/E ratio of 24.58 and a beta of 0.62. The company has a 50 day moving average price of $48.07 and a 200-day moving average price of $44.64. Agree Realty Corp. has a one year low of $29.19 and a one year high of $51.33.
Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The business earned $21.84 million during the quarter, compared to analyst estimates of $21.27 million. The firm’s quarterly revenue was up 26.9% compared to the same quarter last year. On average, analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The business 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. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 annualized dividend and a yield of 3.82%. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Commonwealth Equity Services Inc bought a new position in shares of Agree Realty Corp. during the first quarter valued at about $562,000. Aperio Group LLC increased its stake in Agree Realty Corp. by 26.2% in the first quarter. Aperio Group LLC now owns 7,723 shares of the real estate investment trust’s stock valued at $297,000 after buying an additional 1,602 shares in the last quarter. Virginia Retirement System acquired a new stake in Agree Realty Corp. during the first quarter valued at $1,785,000. TIAA CREF Investment Management LLC increased its stake in Agree Realty Corp. by 5.2% in the first quarter. TIAA CREF Investment Management LLC now owns 70,024 shares of the real estate investment trust’s stock valued at $2,694,000 after buying an additional 3,438 shares in the last quarter. Finally, Teachers Advisors Inc. increased its stake in Agree Realty Corp. by 24.7% in the first quarter. Teachers Advisors Inc. now owns 30,627 shares of the real estate investment trust’s stock valued at $1,178,000 after buying an additional 6,069 shares in the last quarter. Institutional investors own 80.71% of the company’s stock.
Agree Realty Corp. Company Profile
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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