Agree Realty Corp. (ADC) Receives New Coverage from Analysts at FBR & Co
FBR & Co initiated coverage on shares of Agree Realty Corp. (NYSE:ADC) in a research note issued to investors on Wednesday. The brokerage issued an outperform rating and a $56.00 price objective on the real estate investment trust’s stock.
Several other equities research analysts also recently commented on ADC. Jefferies Group reissued a buy rating and issued a $47.00 price objective on shares of Agree Realty Corp. in a report on Wednesday, July 6th. Stifel Nicolaus initiated coverage on Agree Realty Corp. in a report on Thursday, July 7th. They set a buy rating and a $54.00 price target for the company. Wunderlich raised their price target on Agree Realty Corp. from $45.00 to $54.00 and gave the company a buy rating in a report on Wednesday, July 27th. Finally, Zacks Investment Research downgraded Agree Realty Corp. from a hold rating to a sell rating in a report on Tuesday, September 27th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Agree Realty Corp. currently has a consensus rating of Buy and a consensus target price of $47.29.
Agree Realty Corp. (NYSE:ADC) opened at 46.92 on Wednesday. The company’s 50-day moving average is $47.79 and its 200-day moving average is $45.27. Agree Realty Corp. has a 12 month low of $30.36 and a 12 month high of $51.33. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 23.14 and a beta of 0.65.
Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, meeting the consensus estimate of $0.61. The company earned $21.84 million during the quarter, compared to the consensus estimate of $21.27 million. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The business’s revenue was up 26.9% on a year-over-year basis. On average, equities research analysts anticipate that Agree Realty Corp. will post $2.52 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders 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 yield of 4.09%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s payout ratio is 93.20%.
A number of hedge funds and other institutional investors have recently bought and sold shares of ADC. Capstone Asset Management Co. boosted its position in Agree Realty Corp. by 1.5% in the third quarter. Capstone Asset Management Co. now owns 7,583 shares of the real estate investment trust’s stock valued at $375,000 after buying an additional 110 shares during the last quarter. Eagle Asset Management Inc. boosted its position in shares of Agree Realty Corp. by 2.5% in the third quarter. Eagle Asset Management Inc. now owns 135,930 shares of the real estate investment trust’s stock worth $6,720,000 after buying an additional 3,304 shares during the last quarter. Mason Street Advisors LLC bought a new position in shares of Agree Realty Corp. during the second quarter worth approximately $223,000. Royal Bank of Canada boosted its position in shares of Agree Realty Corp. by 0.8% in the second quarter. Royal Bank of Canada now owns 38,078 shares of the real estate investment trust’s stock worth $1,835,000 after buying an additional 313 shares during the last quarter. Finally, Cohen & Steers Inc. bought a new position in shares of Agree Realty Corp. during the second quarter worth approximately $3,395,000. Hedge funds and other institutional investors own 80.71% of the company’s stock.
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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