Agree Realty Corporation (NYSE:ADC) has been assigned an average recommendation of “Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $51.71.
ADC has been the subject of several research reports. FBR & Co restated a “buy” rating and set a $58.00 price objective (up from $56.00) on shares of Agree Realty Corporation in a research note on Monday, September 18th. Zacks Investment Research cut shares of Agree Realty Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity initiated coverage on shares of Agree Realty Corporation in a research note on Tuesday, July 18th. They set a “buy” rating and a $53.00 price objective for the company. BidaskClub upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Finally, Stifel Nicolaus restated a “buy” rating and set a $54.00 price objective on shares of Agree Realty Corporation in a research note on Tuesday, August 22nd.
Several large investors have recently bought and sold shares of the company. New York State Teachers Retirement System increased its holdings in shares of Agree Realty Corporation by 1.8% during the 3rd quarter. New York State Teachers Retirement System now owns 77,726 shares of the real estate investment trust’s stock valued at $3,815,000 after purchasing an additional 1,400 shares in the last quarter. E&G Advisors LP purchased a new position in shares of Agree Realty Corporation during the 3rd quarter valued at approximately $221,000. Victory Capital Management Inc. increased its holdings in shares of Agree Realty Corporation by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,815 shares in the last quarter. RMR Advisors LLC increased its holdings in shares of Agree Realty Corporation by 28.7% during the 3rd quarter. RMR Advisors LLC now owns 19,309 shares of the real estate investment trust’s stock valued at $948,000 after purchasing an additional 4,309 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of Agree Realty Corporation during the 3rd quarter valued at approximately $388,000. 83.43% of the stock is owned by hedge funds and other institutional investors.
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Agree Realty Corporation (NYSE ADC) traded up 0.06% during midday trading on Thursday, hitting $47.29. The company’s stock had a trading volume of 136,709 shares. The company’s 50-day moving average is $49.48 and its 200 day moving average is $48.27. Agree Realty Corporation has a one year low of $41.01 and a one year high of $51.50. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 21.27 and a beta of 0.57.
Agree Realty Corporation (NYSE:ADC) last announced its quarterly earnings data 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 business had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The business’s revenue was up 25.8% on a year-over-year basis. On average, analysts predict that Agree Realty Corporation will post $1.95 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend was Thursday, September 28th. Agree Realty Corporation’s dividend payout ratio (DPR) is 99.02%.
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).
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