Agree Realty Corp. (ADC) Upgraded to Hold 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. “
A number of other research firms have also issued reports on ADC. Stifel Nicolaus initiated coverage on Agree Realty Corp. in a research note on Thursday, July 7th. They set a buy rating and a $54.00 price objective on the stock. Jefferies Group restated a buy rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Finally, Wunderlich upped their target price on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a buy rating in a research note on Wednesday, July 27th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $45.83.
Agree Realty Corp. (NYSE:ADC) opened at 47.35 on Tuesday. The company has a 50 day moving average price of $48.14 and a 200-day moving average price of $45.03. Agree Realty Corp. has a 1-year low of $30.10 and a 1-year high of $51.33. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 23.35 and a beta of 0.65.
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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The company had revenue of $21.84 million for the quarter, compared to analyst estimates of $21.27 million. Agree Realty Corp.’s revenue was up 26.9% on a year-over-year basis. On average, analysts forecast that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The company also recently disclosed 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. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 annualized dividend and a dividend yield of 4.05%. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
Several institutional investors have recently made changes to their positions in ADC. PineBridge Investments L.P. raised its position in shares of Agree Realty Corp. by 31.7% in the second quarter. PineBridge Investments L.P. now owns 2,998 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 721 shares during the period. Teacher Retirement System of Texas raised its position in shares of Agree Realty Corp. by 37.7% in the second quarter. Teacher Retirement System of Texas now owns 3,274 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 897 shares during the period. Advisor Group Inc. purchased a new position in shares of Agree Realty Corp. during the second quarter valued at approximately $176,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Agree Realty Corp. by 28.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,843 shares of the real estate investment trust’s stock valued at $185,000 after buying an additional 862 shares during the period. Finally, Credit Agricole S A raised its position in shares of Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 3,743 shares during the period. 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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