Agree Realty Corp. (ADC) Shares Gap Up to $47.28
Agree Realty Corp. (NYSE:ADC) gapped up prior to trading on Tuesday . The stock had previously closed at $47.08, but opened at $47.28. Agree Realty Corp. shares last traded at $47.60, with a volume of 58,305 shares trading hands.
Several research firms recently issued reports on ADC. Jefferies Group boosted their price objective on Agree Realty Corp. from $47.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, July 14th. Wunderlich boosted their price objective 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, Stifel Nicolaus began coverage on Agree Realty Corp. in a report on Thursday, July 7th. They issued a “buy” rating and a $54.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $45.83.
The company has a market capitalization of $1.12 billion, a PE ratio of 23.52 and a beta of 0.62. The company has a 50-day moving average of $48.04 and a 200-day moving average of $44.19.
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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, meeting analysts’ consensus estimates of $0.61. The firm had revenue of $21.84 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 26.9% on a year-over-year basis. Equities analysts anticipate that Agree Realty Corp. will post $2.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio (DPR) is 93.20%.
Several large investors have recently bought and sold shares of ADC. Mason Street Advisors LLC acquired a new stake in Agree Realty Corp. during the second quarter valued at about $223,000. Royal Bank of Canada boosted its stake in 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 valued at $1,835,000 after buying an additional 313 shares during the period. Cohen & Steers Inc. acquired a new stake in Agree Realty Corp. during the second quarter valued at about $3,395,000. Legal & General Group Plc boosted its stake in Agree Realty Corp. by 35.2% in the second quarter. Legal & General Group Plc now owns 52,187 shares of the real estate investment trust’s stock valued at $2,515,000 after buying an additional 13,578 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its stake in Agree Realty Corp. by 7.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 17,967 shares of the real estate investment trust’s stock valued at $867,000 after buying an additional 1,272 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.
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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