Agree Realty’s (ADC) “Buy” Rating Reiterated at Stifel Nicolaus

Stifel Nicolaus reaffirmed their buy rating on shares of Agree Realty (NYSE:ADC) in a research note issued to investors on Thursday. The firm currently has a $55.00 price target on the real estate investment trust’s stock.

ADC has been the subject of several other research reports. Zacks Investment Research upgraded shares of Agree Realty from a hold rating to a buy rating and set a $55.00 price objective for the company in a research note on Wednesday, October 25th. ValuEngine upgraded shares of Agree Realty from a hold rating to a buy rating in a research note on Tuesday, November 14th. Wells Fargo & Co upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $56.00 price objective for the company in a research note on Tuesday, December 19th. Jefferies Group set a $51.00 price objective on shares of Agree Realty and gave the company a hold rating in a research note on Friday, December 15th. Finally, Ladenburg Thalmann Financial Services reiterated a buy rating on shares of Agree Realty in a research note on Tuesday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $54.63.

Shares of Agree Realty (NYSE:ADC) opened at $50.57 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63. Agree Realty has a fifty-two week low of $44.28 and a fifty-two week high of $53.65. The firm has a market cap of $1,477.45, a PE ratio of 24.79, a P/E/G ratio of 3.46 and a beta of 0.56.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27). The firm had revenue of $30.39 million during 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 company’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the business posted $0.66 EPS. analysts expect that Agree Realty will post 2.7 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were given a dividend of $0.52 per share. This is an increase 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 4.11%. The ex-dividend date was Tuesday, December 19th. Agree Realty’s dividend payout ratio is currently 101.96%.

In related news, Director John Rakolta, Jr. bought 3,300 shares of Agree Realty stock in a transaction dated Thursday, November 30th. The stock was purchased at an average cost of $49.67 per share, with a total value of $163,911.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Clayton R. Thelen bought 1,010 shares of Agree Realty stock in a transaction dated Monday, December 11th. The shares were bought at an average cost 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 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 corporate insiders.

Several institutional investors have recently added to or reduced their stakes in ADC. Riverhead Capital Management LLC grew its position in shares of Agree Realty by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after acquiring an additional 1,263 shares during the period. Bank of Montreal Can grew its position in shares of Agree Realty by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after acquiring an additional 1,868 shares during the period. SG Americas Securities LLC bought a new position in shares of Agree Realty during the 2nd quarter valued at approximately $127,000. Victory Capital Management Inc. boosted its holdings in Agree Realty by 154.5% in the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 1,815 shares during the period. Finally, Pinebridge Investments L.P. boosted its holdings 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 buying an additional 34 shares during the period. 87.20% of the stock is 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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