Agree Realty Corporation (NYSE:ADC)‘s stock had its “buy” rating reaffirmed by stock analysts at Ladenburg Thalmann Financial Services in a research report issued to clients and investors on Tuesday, October 24th.
Several other equities research analysts have also weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 price objective on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Canaccord Genuity initiated coverage on Agree Realty Corporation in a research report on Tuesday, July 18th. They set a “buy” rating and a $53.00 price target on the stock. BidaskClub raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. FBR & Co reissued a “buy” rating and issued a $58.00 price target (up previously from $56.00) on shares of Agree Realty Corporation in a research note on Monday, September 18th. Finally, Zacks Investment Research raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $52.13.
Shares of Agree Realty Corporation (NYSE ADC) traded down $0.23 during trading hours on Tuesday, hitting $48.67. The company’s stock had a trading volume of 164,300 shares, compared to its average volume of 202,319. Agree Realty Corporation has a 12 month low of $41.01 and a 12 month high of $51.50. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $1,428.66, a PE ratio of 18.45, a P/E/G ratio of 3.61 and a beta of 0.55.
Agree Realty Corporation (NYSE:ADC) last posted its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.27). The firm had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. Agree Realty Corporation had a net margin of 49.26% and a return on equity of 7.27%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period last year, the company earned $0.66 EPS. equities analysts forecast that Agree Realty Corporation will post 2.71 earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Agree Realty Corporation by 4,812.0% in the first quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock valued at $178,099,000 after acquiring an additional 3,637,882 shares during the last quarter. Texas Permanent School Fund grew its stake in shares of Agree Realty Corporation by 8.9% during the second quarter. Texas Permanent School Fund now owns 20,628 shares of the real estate investment trust’s stock worth $946,000 after buying an additional 1,691 shares during the last quarter. Kennedy Capital Management Inc. bought a new stake in shares of Agree Realty Corporation during the second quarter worth $4,585,000. Arizona State Retirement System grew its stake in shares of Agree Realty Corporation by 0.7% during the first quarter. Arizona State Retirement System now owns 13,588 shares of the real estate investment trust’s stock worth $652,000 after buying an additional 100 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Agree Realty Corporation by 4.5% during the second quarter. Rhumbline Advisers now owns 61,371 shares of the real estate investment trust’s stock worth $2,815,000 after buying an additional 2,667 shares during the last quarter. 83.28% of the stock is currently owned by institutional investors and hedge funds.
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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