Stifel Nicolaus reissued their buy rating on shares of Agree Realty (NYSE:ADC) in a report published on Thursday, January 4th. Stifel Nicolaus currently has a $55.00 price target on the real estate investment trust’s stock.
Several other research analysts have also recently weighed in on the company. Wells Fargo & Co upgraded Agree Realty from a market perform rating to an outperform rating and set a $56.00 price target for the company in a research report on Tuesday, December 19th. ValuEngine upgraded Agree Realty from a hold rating to a buy rating in a research report on Tuesday, November 14th. B. Riley set a $58.00 price target on Agree Realty and gave the company a buy rating in a research report on Tuesday, November 14th. Ladenburg Thalmann Financial Services reiterated a buy rating on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Zacks Investment Research upgraded Agree Realty from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Wednesday, October 25th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Agree Realty currently has a consensus rating of Buy and an average price target of $54.63.
Agree Realty (ADC) opened at $48.97 on Thursday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $1,448.52, a P/E ratio of 24.01, a P/E/G ratio of 3.41 and a beta of 0.56. Agree Realty has a 12-month low of $44.28 and a 12-month high of $53.65.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.27). The company had revenue of $30.39 million for the quarter, compared to analysts’ expectations of $29.48 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 earnings per share. equities analysts predict that Agree Realty will post 2.7 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were given a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This is a boost from Agree Realty’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.25%. Agree Realty’s payout ratio is 101.96%.
In other Agree Realty news, Director John Rakolta, Jr. acquired 3,300 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Clayton R. Thelen acquired 1,010 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was acquired at an average price of $49.56 per share, with a total value of $50,055.60. Following the completion of the transaction, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at $251,417.88. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.
Several large investors have recently modified their holdings of ADC. Riverhead Capital Management LLC boosted its stake in shares of Agree Realty by 114.8% in the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after acquiring an additional 1,263 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Agree Realty by 300.8% in the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after acquiring an additional 1,868 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Agree Realty in the second quarter worth approximately $127,000. Victory Capital Management Inc. boosted its stake in shares of Agree Realty by 154.5% in the third quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after acquiring an additional 1,815 shares during the last quarter. Finally, Pinebridge Investments L.P. boosted its stake in shares of Agree Realty by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after acquiring an additional 34 shares during the last quarter. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
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About Agree Realty
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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