Agree Realty Corp. (NYSE:ADC)‘s stock had its “buy” rating reaffirmed by equities researchers at Janney Montgomery Scott in a note issued to investors on Tuesday. They currently have a $53.00 target price on the real estate investment trust’s stock. Janney Montgomery Scott’s price objective would suggest a potential upside of 11.84% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Jefferies Group restated a “buy” rating on shares of Agree Realty Corp. in a research report on Monday, August 29th. Wunderlich boosted their price target on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Stifel Nicolaus started coverage on shares of Agree Realty Corp. in a research report on Thursday, July 7th. They set a “buy” rating and a $54.00 price target on the stock. Zacks Investment Research upgraded shares of Agree Realty Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, October 4th. Finally, FBR & Co started coverage on shares of Agree Realty Corp. in a research report on Wednesday, October 12th. They set an “outperform” rating and a $56.00 price target on the stock. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $49.43.

Analyst Recommendations for Agree Realty Corp. (NYSE:ADC)

Shares of Agree Realty Corp. (NYSE:ADC) traded up 0.55% during trading on Tuesday, reaching $47.65. 68,529 shares of the company’s stock were exchanged. The company has a 50 day moving average of $47.73 and a 200 day moving average of $45.50. Agree Realty Corp. has a 12-month low of $31.09 and a 12-month high of $51.33. The stock has a market cap of $1.12 billion, a P/E ratio of 23.50 and a beta of 0.65.

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 for the quarter, hitting analysts’ consensus estimates of $0.61. The firm had revenue of $21.84 million for the quarter, compared to analyst estimates of $21.27 million. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. Agree Realty Corp.’s revenue was up 26.9% compared to the same quarter last year. Equities research analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.

A number of institutional investors have recently modified their holdings of ADC. PineBridge Investments L.P. increased 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 worth $145,000 after buying an additional 721 shares during the period. Teacher Retirement System of Texas increased 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 worth $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 worth approximately $176,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased 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 worth $185,000 after buying an additional 862 shares during the period. Finally, Credit Agricole S A increased 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 worth $188,000 after buying an additional 3,743 shares during the period. 80.71% of the stock is currently owned by institutional investors.

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.

5 Day Chart for NYSE:ADC

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