Agree Realty Corp. (ADC) Coverage Initiated by Analysts at FBR & Co
Research analysts at FBR & Co initiated coverage on shares of Agree Realty Corp. (NYSE:ADC) in a note issued to investors on Wednesday, StockTargetPrices.com reports. The brokerage set an “outperform” rating and a $56.00 price target on the real estate investment trust’s stock. FBR & Co’s price target would suggest a potential upside of 21.08% from the stock’s current price.
Other analysts have also recently issued reports about the company. Jefferies Group reiterated a “buy” rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Wunderlich increased their price objective on Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Stifel Nicolaus started coverage on Agree Realty Corp. in a research note on Thursday, July 7th. They issued a “buy” rating and a $54.00 price objective on the stock. Finally, Zacks Investment Research upgraded Agree Realty Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, October 4th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $47.29.
Shares of Agree Realty Corp. (NYSE:ADC) opened at 46.25 on Wednesday. Agree Realty Corp. has a 12 month low of $30.36 and a 12 month high of $51.33. The firm has a market cap of $1.08 billion, a PE ratio of 22.81 and a beta of 0.65. The firm’s 50-day moving average price is $47.83 and its 200-day moving average price is $45.26.
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Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, hitting analysts’ consensus estimates of $0.61. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The company had revenue of $21.84 million for the quarter, compared to analysts’ expectations of $21.27 million. The firm’s revenue for the quarter was up 26.9% compared to the same quarter last year. Analysts expect that Agree Realty Corp. will post $2.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
A number of institutional investors have recently bought and sold shares of ADC. PineBridge Investments L.P. raised its position in shares of Agree Realty Corp. by 31.7% in the second quarter. PineBridge Investments L.P. now owns 2,998 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 721 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Agree Realty Corp. by 37.7% in the second quarter. Teacher Retirement System of Texas now owns 3,274 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 897 shares during the last quarter. Advisor Group Inc. purchased a new position in shares of Agree Realty Corp. during the second quarter valued at about $176,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Agree Realty Corp. by 28.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,843 shares of the real estate investment trust’s stock valued at $185,000 after buying an additional 862 shares during the last quarter. Finally, Credit Agricole S A raised its position in shares of Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 3,743 shares during the last quarter. 80.71% of the stock is currently owned by hedge funds and other institutional investors.
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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