FBR & Co assumed coverage on shares of Agree Realty Corp. (NYSE:ADC) in a research report issued to clients and investors on Wednesday. The firm set an “outperform” rating and a $56.00 price target on the real estate investment trust’s stock. FBR & Co’s target price indicates a potential upside of 18.90% from the company’s previous close.
Other equities analysts have also issued research reports about the company. Wunderlich lifted their price target on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Jefferies Group boosted their target price on Agree Realty Corp. from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, July 14th. Stifel Nicolaus initiated coverage on Agree Realty Corp. in a research report on Thursday, July 7th. They issued a “buy” rating and a $54.00 target price for the company. Finally, Zacks Investment Research lowered Agree Realty Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $47.29.
Agree Realty Corp. (NYSE:ADC) opened at 47.10 on Wednesday. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 23.22 and a beta of 0.65. The firm’s 50-day moving average is $47.77 and its 200-day moving average is $45.28. Agree Realty Corp. has a 12 month low of $30.57 and a 12 month high of $51.33.
Agree Realty Corp. (NYSE:ADC) last posted its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.61. The firm earned $21.84 million during the quarter, compared to analyst estimates of $21.27 million. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The company’s quarterly revenue was up 26.9% on a year-over-year basis. On average, analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 4.08%. The ex-dividend date is Wednesday, September 28th. Agree Realty Corp.’s payout ratio is currently 93.20%.
Several large investors have recently added to or reduced their stakes in ADC. Cohen & Steers Inc. acquired a new stake in Agree Realty Corp. during the second quarter valued at approximately $12,490,000. Vanguard Group Inc. raised its stake in Agree Realty Corp. by 23.6% in the second quarter. Vanguard Group Inc. now owns 2,873,952 shares of the real estate investment trust’s stock valued at $138,640,000 after buying an additional 548,550 shares during the last quarter. FMR LLC raised its stake in Agree Realty Corp. by 112.3% in the second quarter. FMR LLC now owns 690,710 shares of the real estate investment trust’s stock valued at $33,320,000 after buying an additional 365,400 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in Agree Realty Corp. during the second quarter valued at approximately $17,374,000. Finally, BlackRock Fund Advisors raised its stake in Agree Realty Corp. by 17.9% in the second quarter. BlackRock Fund Advisors now owns 1,492,484 shares of the real estate investment trust’s stock valued at $71,997,000 after buying an additional 226,976 shares during the last quarter. 80.71% of the stock is owned by hedge funds and other institutional investors.
About Agree Realty Corp.
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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