FBR & Co Reaffirms Buy Rating for Agree Realty Corporation (NYSE:ADC)

Agree Realty Corporation (NYSE:ADC)‘s stock had its “buy” rating restated by equities researchers at FBR & Co in a research note issued on Tuesday, October 24th. They currently have a $58.00 price target on the real estate investment trust’s stock. FBR & Co’s price objective indicates a potential upside of 19.17% from the stock’s previous close. FBR & Co also issued estimates for Agree Realty Corporation’s Q4 2017 earnings at $0.71 EPS, Q4 2017 earnings at $0.70 EPS, FY2017 earnings at $2.71 EPS, FY2017 earnings at $2.72 EPS, Q1 2018 earnings at $0.72 EPS, Q1 2018 earnings at $0.70 EPS, Q2 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.78 EPS, Q4 2018 earnings at $0.77 EPS, FY2018 earnings at $2.96 EPS, FY2018 earnings at $2.98 EPS, Q1 2019 earnings at $0.78 EPS, Q1 2019 earnings at $0.77 EPS, Q2 2019 earnings at $0.79 EPS, Q2 2019 earnings at $0.78 EPS, Q3 2019 earnings at $0.81 EPS, Q3 2019 earnings at $0.80 EPS, FY2019 earnings at $3.24 EPS and FY2019 earnings at $3.18 EPS.

Other equities research analysts have also issued reports about the company. BidaskClub upgraded Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Canaccord Genuity reissued a “buy” rating and issued a $53.00 price target on shares of Agree Realty Corporation in a research note on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 price target on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Finally, Zacks Investment Research upgraded Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $52.13.

Agree Realty Corporation (ADC) traded down $0.23 during midday trading on Tuesday, hitting $48.67. The company had a trading volume of 164,300 shares, compared to its average volume of 202,319. Agree Realty Corporation has a fifty-two week low of $41.01 and a fifty-two week 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 cap of $1,428.66, a PE ratio of 18.45, a PEG 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). Agree Realty Corporation had a net margin of 49.26% and a return on equity of 7.27%. The firm had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. During the same period last year, the company earned $0.66 EPS. The company’s revenue was up 25.8% on a year-over-year basis. sell-side analysts predict that Agree Realty Corporation will post 2.71 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN grew its stake in shares of Agree Realty Corporation by 24.4% during the third quarter. Wells Fargo & Company MN now owns 88,411 shares of the real estate investment trust’s stock worth $4,340,000 after buying an additional 17,354 shares during the last quarter. Citadel Advisors LLC grew its stake in shares of Agree Realty Corporation by 186.7% in the third quarter. Citadel Advisors LLC now owns 213,759 shares of the real estate investment trust’s stock worth $10,491,000 after purchasing an additional 139,198 shares during the last quarter. Schroder Investment Management Group bought a new stake in shares of Agree Realty Corporation in the third quarter worth $185,000. JPMorgan Chase & Co. grew its stake in shares of Agree Realty Corporation by 39.4% in the third quarter. JPMorgan Chase & Co. now owns 144,339 shares of the real estate investment trust’s stock worth $7,128,000 after purchasing an additional 40,800 shares during the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of Agree Realty Corporation in the third quarter worth $447,000. 83.28% of the stock is currently owned by hedge funds and other institutional investors.

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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