Zacks Investment Research Upgrades Agree Realty Corp. (ADC) to “Hold”
Agree Realty Corp. (NYSE:ADC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “
ADC has been the subject of several other research reports. Jefferies Group reiterated a “buy” rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Stifel Nicolaus started coverage on shares of Agree Realty Corp. in a research note on Thursday, July 7th. They issued a “buy” rating and a $54.00 target price for the company. Finally, Wunderlich increased their target price on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $45.83.
Agree Realty Corp. (NYSE:ADC) opened at 45.44 on Tuesday. The stock’s 50 day moving average price is $48.07 and its 200 day moving average price is $45.04. The firm has a market capitalization of $1.06 billion, a P/E ratio of 22.41 and a beta of 0.65. Agree Realty Corp. has a 12 month low of $30.36 and a 12 month high of $51.33.
Agree Realty Corp. (NYSE:ADC) last released its earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The business earned $21.84 million during the quarter, compared to analysts’ expectations of $21.27 million. The business’s revenue was up 26.9% on a year-over-year basis. On average, analysts forecast that Agree Realty Corp. will post $2.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.23%. The ex-dividend date is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
A number of hedge funds and other institutional investors have recently bought and sold shares of ADC. Vanguard Group Inc. raised its position 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 period. Cohen & Steers Inc. purchased a new stake in Agree Realty Corp. during the second quarter valued at $12,490,000. 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. BlackRock Institutional Trust Company N.A. raised its stake in Agree Realty Corp. by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 824,898 shares of the real estate investment trust’s stock valued at $31,734,000 after buying an additional 14,857 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Agree Realty Corp. by 35.9% in the second quarter. Principal Financial Group Inc. now owns 734,711 shares of the real estate investment trust’s stock valued at $35,443,000 after buying an additional 193,993 shares during the last quarter. 80.71% of the stock is owned by hedge funds and other institutional investors.
Agree Realty Corp. Company Profile
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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