Ladenburg Thalmann Financial Services set a $55.00 price target on Agree Realty (NYSE:ADC) in a research report released on Friday morning. The brokerage currently has a buy rating on the real estate investment trust’s stock.
ADC has been the topic of a number of other reports. FBR & Co reaffirmed a buy rating and set a $58.00 price objective on shares of Agree Realty in a report on Tuesday, October 24th. Stifel Nicolaus reaffirmed a buy rating and set a $54.00 price objective on shares of Agree Realty in a report on Tuesday, October 24th. B. Riley reaffirmed a buy rating on shares of Agree Realty in a report on Wednesday, November 1st. Jefferies Group set a $51.00 target price on Agree Realty and gave the stock a hold rating in a report on Friday, December 15th. Finally, Zacks Investment Research raised Agree Realty from a sell rating to a hold rating in a report on Tuesday, January 2nd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $54.67.
Agree Realty (NYSE ADC) traded up $0.45 during midday trading on Friday, reaching $49.73. The company’s stock had a trading volume of 193,434 shares, compared to its average volume of 147,526. 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 $1,439.76, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 3.39 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 released its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). The company had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. Agree Realty had a net margin of 40.42% and a return on equity of 6.05%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 earnings per share. equities analysts expect that Agree Realty will post 2.7 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were issued a $0.52 dividend. This is an increase from Agree Realty’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend was Tuesday, December 19th. Agree Realty’s payout ratio is presently 101.96%.
In other Agree Realty news, Director John Rakolta, Jr. bought 3,300 shares of Agree Realty stock in a transaction dated Thursday, November 30th. The shares were acquired at an average cost of $49.67 per share, with a total value of $163,911.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Clayton R. Thelen bought 1,010 shares of Agree Realty stock in a transaction dated Monday, December 11th. The stock was acquired at an average cost of $49.56 per share, for a total transaction of $50,055.60. Following the completion of the acquisition, the chief financial officer now directly owns 5,073 shares in the company, valued at $251,417.88. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in ADC. Pinebridge Investments L.P. raised its position in Agree Realty by 1.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after purchasing an additional 34 shares during the last quarter. Neuberger Berman Group LLC raised its position in Agree Realty by 4.5% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,776 shares of the real estate investment trust’s stock worth $265,000 after purchasing an additional 247 shares during the last quarter. Profund Advisors LLC raised its position in Agree Realty by 10.1% in the 2nd quarter. Profund Advisors LLC now owns 4,926 shares of the real estate investment trust’s stock worth $226,000 after purchasing an additional 453 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in Agree Realty by 13.8% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 8,790 shares of the real estate investment trust’s stock worth $431,000 after purchasing an additional 1,069 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its position in Agree Realty by 114.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after purchasing an additional 1,263 shares during the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.
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Agree Realty 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).
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