Agree Realty Co. (ADC) Receives Consensus Rating of “Buy” from Brokerages
Agree Realty Co. (NYSE:ADC) has been assigned an average recommendation of “Buy” from the eight research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $58.00.
Several research firms have issued reports on ADC. Stifel Nicolaus upped their price target on Agree Realty from $55.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Jefferies Financial Group set a $58.00 price target on Agree Realty and gave the company a “hold” rating in a report on Monday, September 17th. SunTrust Banks set a $57.00 price target on Agree Realty and gave the company a “buy” rating in a report on Tuesday, August 7th. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Finally, Wells Fargo & Co set a $63.00 price target on Agree Realty and gave the company a “buy” rating in a report on Tuesday, September 4th.
In other Agree Realty news, COO Laith Hermiz sold 3,500 shares of Agree Realty stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $58.00, for a total transaction of $203,000.00. Following the transaction, the chief operating officer now directly owns 28,328 shares in the company, valued at approximately $1,643,024. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Richard Agree acquired 6,000 shares of the stock in a transaction on Thursday, September 6th. The shares were purchased at an average price of $54.77 per share, for a total transaction of $328,620.00. Following the completion of the transaction, the insider now owns 417,966 shares in the company, valued at approximately $22,891,997.82. The disclosure for this purchase can be found here. Insiders own 3.70% of the company’s stock.
Shares of NYSE ADC traded up $0.50 during trading on Monday, hitting $58.92. The company had a trading volume of 158,099 shares, compared to its average volume of 347,307. The stock has a market capitalization of $2.01 billion, a P/E ratio of 21.66, a P/E/G ratio of 4.07 and a beta of 0.08. Agree Realty has a 52 week low of $43.74 and a 52 week high of $59.36. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.09 and a current ratio of 1.09.
Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Monday, October 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.10. The company 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%. On average, research analysts forecast that Agree Realty will post 2.87 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend was Thursday, September 27th. Agree Realty’s payout ratio is 79.41%.
About Agree Realty
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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