Agree Realty Corp. (NYSE:ADC) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Agree Realty Corp. (NYSE:ADC) have earned a consensus rating of “Buy” from the seven research firms that are covering the stock. One investment analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $43.80.
A number of equities research analysts have issued reports on ADC shares. Jefferies Group reaffirmed a “buy” rating and issued a $47.00 price target on shares of Agree Realty Corp. in a research report on Wednesday, July 6th. Zacks Investment Research lowered Agree Realty Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. Wunderlich raised their target price 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 assumed coverage on Agree Realty Corp. in a research report on Thursday, July 7th. They set a “buy” rating and a $54.00 target price on the stock.
Shares of Agree Realty Corp. (NYSE:ADC) opened at 49.44 on Monday. The stock has a market capitalization of $1.16 billion, a PE ratio of 24.38 and a beta of 0.62. Agree Realty Corp. has a one year low of $29.86 and a one year high of $51.33. The firm has a 50-day moving average price of $48.16 and a 200 day moving average price of $44.80.
Agree Realty Corp. (NYSE:ADC) last posted its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. The company had revenue of $21.84 million for the quarter, compared to analyst estimates of $21.27 million. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The company’s quarterly revenue was up 26.9% compared to the same quarter last year. On average, equities analysts expect that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC purchased a new position in Agree Realty Corp. during the second quarter worth about $223,000. Royal Bank of Canada increased its position in Agree Realty Corp. by 0.8% in the second quarter. Royal Bank of Canada now owns 38,078 shares of the real estate investment trust’s stock worth $1,835,000 after buying an additional 313 shares in the last quarter. Cohen & Steers Inc. purchased a new position in Agree Realty Corp. during the second quarter worth about $3,395,000. Legal & General Group Plc increased its position in Agree Realty Corp. by 35.2% in the second quarter. Legal & General Group Plc now owns 52,187 shares of the real estate investment trust’s stock worth $2,515,000 after buying an additional 13,578 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in Agree Realty Corp. by 7.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 17,967 shares of the real estate investment trust’s stock worth $867,000 after buying an additional 1,272 shares in the last quarter. Hedge funds and other 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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