Zacks Investment Research upgraded shares of Agree Realty Corporation (NYSE:ADC) from a hold rating to a buy rating in a research report released on Wednesday morning. They currently have $55.00 price objective on the real estate investment trust’s stock.
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. “
ADC has been the topic of a number of other reports. FBR & Co restated a buy rating and issued a $58.00 target price on shares of Agree Realty Corporation in a research note on Tuesday. Ladenburg Thalmann Financial Services restated a buy rating on shares of Agree Realty Corporation in a research note on Tuesday. Canaccord Genuity restated a buy rating and issued a $53.00 target price on shares of Agree Realty Corporation in a research note on Monday, July 24th. Stifel Nicolaus restated a buy rating and issued a $54.00 target price on shares of Agree Realty Corporation in a research note on Tuesday. Finally, BidaskClub upgraded shares of Agree Realty Corporation from a sell rating to a hold rating in a research note on Wednesday, July 19th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $52.13.
Agree Realty Corporation (NYSE ADC) traded down 0.69% during mid-day trading on Wednesday, reaching $47.58. The company’s stock had a trading volume of 183,739 shares. The stock has a market cap of $1.35 billion, a P/E ratio of 21.40 and a beta of 0.57. The firm’s 50 day moving average is $49.84 and its 200-day moving average is $48.34. Agree Realty Corporation has a one year low of $41.01 and a one year high of $51.50.
Agree Realty Corporation (NYSE:ADC) last issued its earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). The company had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. Agree Realty Corporation had a return on equity of 7.52% and a net margin of 49.26%. Agree Realty Corporation’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 earnings per share. Equities analysts expect that Agree Realty Corporation will post $1.94 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a dividend of $0.505 per share. The ex-dividend date was Thursday, September 28th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.22%. Agree Realty Corporation’s dividend payout ratio is presently 99.02%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new position in shares of Agree Realty Corporation during the first quarter valued at approximately $102,000. Riverhead Capital Management LLC boosted its stake in shares of Agree Realty Corporation by 114.8% during the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after purchasing an additional 1,263 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Agree Realty Corporation by 300.8% during the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 1,868 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Agree Realty Corporation by 30.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 600 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Agree Realty Corporation during the second quarter valued at approximately $127,000. Hedge funds and other institutional investors own 85.04% of the company’s stock.
About Agree Realty Corporation
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).
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