Agree Realty Co. (NYSE:ADC) Director Merrie S. Frankel Purchases 400 Shares

Agree Realty Co. (NYSE:ADC) Director Merrie S. Frankel purchased 400 shares of the stock in a transaction on Friday, September 17th. The stock was acquired at an average price of $25.15 per share, for a total transaction of $10,060.00. Following the completion of the purchase, the director now directly owns 3,175 shares in the company, valued at approximately $79,851.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of ADC stock opened at $70.58 on Tuesday. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 43.30 and a beta of 0.31. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.69 and a current ratio of 2.69. The company has a 50-day simple moving average of $73.80 and a 200 day simple moving average of $70.97. Agree Realty Co. has a 52 week low of $61.27 and a 52 week high of $75.95.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Sunday, July 25th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.12). Agree Realty had a net margin of 32.93% and a return on equity of 3.64%. Sell-side analysts forecast that Agree Realty Co. will post 3.53 EPS for the current year.

The company also recently announced a monthly dividend, which was paid on Tuesday, September 14th. Stockholders of record on Tuesday, August 31st were given a $0.217 dividend. This represents a $2.60 annualized dividend and a dividend yield of 3.69%. The ex-dividend date was Monday, August 30th. Agree Realty’s payout ratio is presently 80.50%.

A number of research analysts have recently commented on the stock. BTIG Research lifted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, July 14th. Zacks Investment Research downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Monday, September 6th. Royal Bank of Canada assumed coverage on shares of Agree Realty in a research report on Friday. They issued an “outperform” rating and a $80.00 price objective for the company. Wells Fargo & Company lifted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, June 25th. Finally, Truist lifted their price objective on shares of Agree Realty from $78.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 30th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Buy” and an average target price of $80.36.

Several large investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC raised its position in shares of Agree Realty by 14.5% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 160,892 shares of the real estate investment trust’s stock valued at $11,341,000 after buying an additional 20,316 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Agree Realty in the 2nd quarter valued at approximately $601,000. Marshall Wace North America L.P. acquired a new position in shares of Agree Realty in the 2nd quarter valued at approximately $22,473,000. Morgan Stanley raised its position in shares of Agree Realty by 77.4% in the 2nd quarter. Morgan Stanley now owns 869,942 shares of the real estate investment trust’s stock valued at $61,322,000 after buying an additional 379,544 shares in the last quarter. Finally, Ibex Wealth Advisors increased its position in Agree Realty by 10.0% during the 2nd quarter. Ibex Wealth Advisors now owns 35,373 shares of the real estate investment trust’s stock worth $2,493,000 after purchasing an additional 3,227 shares in the last quarter.

Agree Realty Company Profile

Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.

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