Stifel Nicolaus restated their buy rating on shares of Agree Realty (NYSE:ADC) in a research report report published on Thursday, January 4th. Stifel Nicolaus currently has a $55.00 price objective on the real estate investment trust’s stock.
Several other analysts have also commented on ADC. FBR & Co reaffirmed a buy rating and set a $58.00 price target (up previously from $56.00) on shares of Agree Realty in a research report on Monday, September 18th. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of Agree Realty in a research report on Tuesday, October 24th. Zacks Investment Research raised shares of Agree Realty from a hold rating to a buy rating and set a $55.00 price target on the stock in a research report on Wednesday, October 25th. B. Riley reaffirmed a buy rating on shares of Agree Realty in a research report on Wednesday, November 1st. Finally, ValuEngine raised shares of Agree Realty from a hold rating to a buy rating in a research report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. Agree Realty currently has a consensus rating of Buy and an average price target of $54.67.
Agree Realty (ADC) traded down $0.51 during mid-day trading on Thursday, hitting $49.19. 141,425 shares of the stock traded hands, compared to its average volume of 224,180. The stock has a market cap of $1,440.00, a price-to-earnings ratio of 24.00, a PEG ratio of 3.43 and a beta of 0.56. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. Agree Realty has a 1 year low of $44.28 and a 1 year high of $53.65.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.23%. The ex-dividend date was Tuesday, December 19th. This is an increase from Agree Realty’s previous quarterly dividend of $0.51. Agree Realty’s dividend payout ratio (DPR) is 101.46%.
In related news, CFO Clayton R. Thelen bought 1,010 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the acquisition, the chief financial officer now owns 5,073 shares of the company’s stock, valued at $251,417.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Rakolta, Jr. bought 3,300 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was bought at an average price of $49.67 per share, with a total value of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of ADC. Riverhead Capital Management LLC grew 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 in the last quarter. Bank of Montreal Can grew 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 in the last quarter. SG Americas Securities LLC acquired a new position in shares of Agree Realty in the second quarter worth $127,000. Victory Capital Management Inc. grew 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 in the last quarter. Finally, Pinebridge Investments L.P. grew 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 in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.
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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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