Agree Realty Co. (ADC) Given Consensus Rating of “Buy” by Brokerages

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Agree Realty Co. (NYSE:ADC) has received a consensus rating of “Buy” from the eight research firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $58.00.

Several research analysts recently weighed in on the company. Wells Fargo & Co set a $63.00 target price on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, September 4th. Jefferies Financial Group set a $58.00 target price on Agree Realty and gave the stock a “hold” rating in a research report on Monday, September 17th. Stifel Nicolaus increased their target price on Agree Realty from $56.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, September 10th. SunTrust Banks set a $57.00 target price on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Finally, ValuEngine lowered Agree Realty from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th.

In related news, insider Richard Agree acquired 6,000 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were bought at an average cost of $54.77 per share, with a total value of $328,620.00. Following the completion of the transaction, the insider now directly owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Laith Hermiz sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $58.00, for a total value of $203,000.00. Following the completion of the transaction, the chief operating officer now directly owns 28,328 shares in the company, valued at $1,643,024. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Meadow Creek Investment Management LLC raised its position in Agree Realty by 31.4% in the second quarter. Meadow Creek Investment Management LLC now owns 6,440 shares of the real estate investment trust’s stock valued at $340,000 after purchasing an additional 1,540 shares during the period. Northern Trust Corp increased its position in shares of Agree Realty by 4.9% during the second quarter. Northern Trust Corp now owns 956,488 shares of the real estate investment trust’s stock worth $50,473,000 after acquiring an additional 44,653 shares during the last quarter. Legal & General Group Plc increased its position in shares of Agree Realty by 6.4% during the second quarter. Legal & General Group Plc now owns 146,565 shares of the real estate investment trust’s stock worth $7,735,000 after acquiring an additional 8,831 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Agree Realty by 13.6% during the second quarter. Metropolitan Life Insurance Co. NY now owns 12,313 shares of the real estate investment trust’s stock worth $650,000 after acquiring an additional 1,473 shares during the last quarter. Finally, GSA Capital Partners LLP increased its position in shares of Agree Realty by 201.9% during the second quarter. GSA Capital Partners LLP now owns 14,887 shares of the real estate investment trust’s stock worth $786,000 after acquiring an additional 9,956 shares during the last quarter. 90.90% of the stock is currently owned by institutional investors.

Shares of ADC stock traded up $0.50 during mid-day trading on Monday, hitting $58.92. 158,099 shares of the company’s stock were exchanged, compared to its average volume of 347,307. Agree Realty has a fifty-two week low of $43.74 and a fifty-two week high of $59.36. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 21.66, a price-to-earnings-growth ratio of 4.07 and a beta of 0.08.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, October 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.10. The business had revenue of $37.31 million for the quarter, compared to analysts’ expectations of $36.97 million. Agree Realty had a return on equity of 6.46% and a net margin of 44.17%. As a group, analysts anticipate that Agree Realty will post 2.87 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Thursday, September 27th. Agree Realty’s dividend payout ratio (DPR) is currently 79.41%.

Agree Realty Company Profile

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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Analyst Recommendations for Agree Realty (NYSE:ADC)

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