Agree Realty Co. (NYSE:ADC) has earned a consensus recommendation of “Buy” from the eight brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $58.00.
Several equities research analysts recently weighed in on ADC shares. ValuEngine downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Jefferies Financial Group set a $58.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a research report on Monday, September 17th. Wells Fargo & Co set a $63.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a research report on Tuesday, September 4th. SunTrust Banks set a $57.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a research report on Tuesday, August 7th. Finally, Stifel Nicolaus increased their price objective on shares of Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, September 10th.
ADC traded down $0.67 during trading hours on Friday, hitting $59.55. 212,292 shares of the company’s stock were exchanged, compared to its average volume of 194,601. Agree Realty has a 12-month low of $43.74 and a 12-month high of $61.30. The company has a market cap of $2.05 billion, a P/E ratio of 21.89, a PEG ratio of 4.20 and a beta of 0.13. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.58.
Agree Realty (NYSE:ADC) last announced its earnings results on Monday, October 22nd. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.10. Agree Realty had a net margin of 44.17% and a return on equity of 6.46%. The firm had revenue of $37.31 million for the quarter, compared to the consensus estimate of $36.97 million. Research analysts forecast that Agree Realty will post 2.87 earnings per share for the current year.
In related news, insider Richard Agree bought 6,000 shares of the stock in a transaction dated Thursday, September 6th. The stock was acquired at an average price of $54.77 per share, for a total transaction of $328,620.00. Following the acquisition, the insider now owns 417,966 shares in the company, valued at approximately $22,891,997.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Laith Hermiz sold 3,500 shares of the company’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $58.00, for a total transaction of $203,000.00. Following the completion of the transaction, the chief operating officer now owns 28,328 shares of the company’s stock, valued at approximately $1,643,024. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Motley Fool Wealth Management LLC acquired a new position in shares of Agree Realty in the 3rd quarter valued at $203,000. Oppenheimer Asset Management Inc. acquired a new stake in Agree Realty during the 2nd quarter worth $217,000. Amalgamated Bank acquired a new stake in Agree Realty during the 2nd quarter worth $233,000. Fox Run Management L.L.C. acquired a new stake in Agree Realty during the 3rd quarter worth $239,000. Finally, Vident Investment Advisory LLC acquired a new stake in Agree Realty during the 2nd quarter worth $242,000.
About Agree Realty
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.
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