Agree Realty Corp. (ADC) Reaches New 12-Month High at $50.33
Agree Realty Corp. (NYSE:ADC)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $50.33 and last traded at $49.81, with a volume of 78,985 shares traded. The stock had previously closed at $49.90.
Several research firms have recently issued reports on ADC. Wunderlich increased their price objective on shares of Agree Realty Corp. from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, May 6th. Jefferies Group increased their price objective on shares of Agree Realty Corp. from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, July 14th. Finally, Stifel Nicolaus began coverage on shares of Agree Realty Corp. in a research report on Thursday, July 7th. They issued a “buy” rating and a $54.00 price objective for the company. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $45.83.
The stock has a market capitalization of $1.01 billion and a price-to-earnings ratio of 23.25. The firm’s 50-day moving average is $47.27 and its 200 day moving average is $40.73.
Agree Realty Corp. (NYSE:ADC) last announced its earnings results on Monday, July 25th. The real estate investment trust reported $0.61 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. The company’s revenue for the quarter was up 26.9% compared to the same quarter last year. Analysts anticipate that Agree Realty Corp. will post $2.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend was Tuesday, June 28th. This is a boost from Agree Realty Corp.’s previous quarterly dividend of $0.47.
Several hedge funds and institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Agree Realty Corp. by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 233,645 shares of the real estate investment trust’s stock valued at $7,942,000 after buying an additional 9,350 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Agree Realty Corp. by 7.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 334,500 shares of the real estate investment trust’s stock valued at $11,370,000 after buying an additional 22,000 shares in the last quarter. Monashee Investment Management LLC bought a new stake in Agree Realty Corp. during the fourth quarter valued at approximately $1,190,000. Mutual of America Capital Management LLC boosted its stake in Agree Realty Corp. by 9.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 38,497 shares of the real estate investment trust’s stock valued at $1,309,000 after buying an additional 3,283 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in Agree Realty Corp. by 4.1% in the fourth quarter. GSA Capital Partners LLP now owns 35,600 shares of the real estate investment trust’s stock valued at $1,210,000 after buying an additional 1,400 shares in the last quarter.
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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