Agree Realty Corp. (ADC) Receives New Coverage from Analysts at FBR & Co
FBR & Co initiated coverage on shares of Agree Realty Corp. (NYSE:ADC) in a research report released on Wednesday morning. The brokerage issued an outperform rating and a $56.00 price target on the real estate investment trust’s stock.
Several other brokerages have also recently commented on ADC. Zacks Investment Research cut shares of Agree Realty Corp. from a hold rating to a sell rating in a report on Tuesday, September 27th. Jefferies Group raised their target price on shares of Agree Realty Corp. from $47.00 to $56.00 and gave the stock a buy rating in a report on Thursday, July 14th. Wunderlich raised their target price on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the stock a buy rating in a report on Wednesday, July 27th. Finally, Stifel Nicolaus assumed coverage on shares of Agree Realty Corp. in a report on Thursday, July 7th. They issued a buy rating and a $54.00 target price for the company. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $47.29.
Shares of Agree Realty Corp. (NYSE:ADC) opened at 46.92 on Wednesday. Agree Realty Corp. has a 52-week low of $30.36 and a 52-week high of $51.33. The stock has a 50 day moving average of $47.79 and a 200 day moving average of $45.27. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 23.14 and a beta of 0.65.
Agree Realty Corp. (NYSE:ADC) last announced its earnings results on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The company earned $21.84 million during the quarter, compared to analysts’ expectations of $21.27 million. The firm’s revenue was up 26.9% on a year-over-year basis. Equities analysts predict that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio is 93.20%.
Several institutional investors have recently added to or reduced their stakes in ADC. Cohen & Steers Inc. bought a new position in shares of Agree Realty Corp. during the second quarter worth about $12,490,000. Vanguard Group Inc. raised its position in shares of Agree Realty Corp. by 23.6% in the second quarter. Vanguard Group Inc. now owns 2,873,952 shares of the real estate investment trust’s stock worth $138,640,000 after buying an additional 548,550 shares during the period. FMR LLC raised its position in shares of Agree Realty Corp. by 112.3% in the second quarter. FMR LLC now owns 690,710 shares of the real estate investment trust’s stock worth $33,320,000 after buying an additional 365,400 shares during the period. Mesirow Financial Investment Management Equity Management bought a new position in shares of Agree Realty Corp. during the second quarter worth about $17,374,000. Finally, BlackRock Fund Advisors raised its position in shares of Agree Realty Corp. by 17.9% in the second quarter. BlackRock Fund Advisors now owns 1,492,484 shares of the real estate investment trust’s stock worth $71,997,000 after buying an additional 226,976 shares during the period. 80.71% of the stock is currently owned by institutional investors.
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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