BidaskClub upgraded shares of Agree Realty Corporation (NYSE:ADC) from a hold rating to a buy rating in a report published on Tuesday.

Several other equities analysts also recently commented on ADC. FBR & Co reiterated a buy rating on shares of Agree Realty Corporation in a report on Saturday, May 6th. Zacks Investment Research upgraded Agree Realty Corporation from a sell rating to a hold rating in a report on Tuesday, August 1st. Raymond James Financial, Inc. restated a buy rating on shares of Agree Realty Corporation in a research note on Saturday, May 20th. Jefferies Group LLC restated a hold rating and issued a $50.00 price objective on shares of Agree Realty Corporation in a research note on Monday, April 24th. Finally, Stifel Nicolaus raised their price objective on shares of Agree Realty Corporation from $53.00 to $54.00 and gave the stock a buy rating in a research note on Tuesday, April 25th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Agree Realty Corporation currently has an average rating of Buy and an average price target of $51.89.

Agree Realty Corporation (ADC) traded down 1.32% during mid-day trading on Tuesday, reaching $48.51. 142,440 shares of the company traded hands. The company has a market capitalization of $1.38 billion, a P/E ratio of 21.82 and a beta of 0.59. The stock has a 50 day moving average price of $47.61 and a 200-day moving average price of $47.63. Agree Realty Corporation has a 52-week low of $41.01 and a 52-week high of $51.50.

Agree Realty Corporation (NYSE:ADC) last announced its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, beating the consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The company had revenue of $28.10 million for the quarter, compared to the consensus estimate of $27.66 million. During the same quarter last year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was up 28.7% compared to the same quarter last year. Analysts expect that Agree Realty Corporation will post $1.87 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a $0.505 dividend. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $2.02 annualized dividend and a dividend yield of 4.16%. Agree Realty Corporation’s dividend payout ratio (DPR) is presently 90.58%.

In related news, Director William S. Rubenfaer acquired 2,500 shares of the stock in a transaction dated Tuesday, May 16th. The shares were acquired at an average price of $44.92 per share, for a total transaction of $112,300.00. Following the completion of the purchase, the director now owns 20,101 shares in the company, valued at approximately $902,936.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.40% of the company’s stock.

Large investors have recently made changes to their positions in the company. Pinebridge Investments L.P. boosted its position in shares of Agree Realty Corporation by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 34 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Agree Realty Corporation by 0.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,462 shares of the real estate investment trust’s stock valued at $1,122,000 after buying an additional 79 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Agree Realty Corporation by 2.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,935 shares of the real estate investment trust’s stock valued at $189,000 after buying an additional 80 shares during the period. Rothschild Asset Management Inc. boosted its position in shares of Agree Realty Corporation by 0.3% in the second quarter. Rothschild Asset Management Inc. now owns 30,387 shares of the real estate investment trust’s stock valued at $1,394,000 after buying an additional 93 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Agree Realty Corporation by 0.7% in the first quarter. Arizona State Retirement System now owns 13,588 shares of the real estate investment trust’s stock valued at $652,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 81.07% of the company’s stock.

Agree Realty Corporation 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). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

Analyst Recommendations for Agree Realty Corporation (NYSE:ADC)

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