Janney Montgomery Scott Reaffirms Buy Rating for Agree Realty Corp. (ADC)
Agree Realty Corp. (NYSE:ADC)‘s stock had its “buy” rating reiterated by analysts at Janney Montgomery Scott in a research note issued on Tuesday. They presently have a $53.00 price target on the real estate investment trust’s stock. Janney Montgomery Scott’s price target points to a potential upside of 11.84% from the company’s current price.
ADC has been the topic of a number of other reports. Zacks Investment Research raised shares of Agree Realty Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, October 4th. Jefferies Group reissued a “buy” rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Stifel Nicolaus initiated coverage on shares of 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. FBR & Co initiated coverage on shares of Agree Realty Corp. in a research note on Wednesday, October 12th. They issued an “outperform” rating and a $56.00 price objective on the stock. Finally, Wunderlich increased their price objective 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 investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $49.43.
Agree Realty Corp. (NYSE:ADC) traded up 0.55% during midday trading on Tuesday, hitting $47.65. 68,529 shares of the stock were exchanged. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 23.50 and a beta of 0.65. Agree Realty Corp. has a 12-month low of $31.09 and a 12-month high of $51.33. The firm has a 50 day moving average of $47.73 and a 200-day moving average of $45.50.
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Agree Realty Corp. (NYSE:ADC) last issued its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, meeting the Zacks’ consensus estimate 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 net margin of 51.23% and a return on equity of 8.70%. Agree Realty Corp.’s revenue was up 26.9% on a year-over-year basis. On average, equities analysts expect that Agree Realty Corp. will post $2.52 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $0.48 per share. The ex-dividend date was Wednesday, September 28th. This represents a $1.92 annualized dividend and a dividend yield of 4.05%. Agree Realty Corp.’s dividend payout ratio is currently 93.20%.
Large investors have recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. boosted 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 in the last quarter. Advisors Asset Management Inc. boosted its stake in Agree Realty Corp. by 14.5% in the second quarter. Advisors Asset Management Inc. now owns 63,423 shares of the real estate investment trust’s stock valued at $3,060,000 after buying an additional 8,034 shares in the last quarter. Credit Agricole S A boosted its stake in 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 in the last quarter. BlackRock Group LTD boosted its stake in Agree Realty Corp. by 13.6% in the first quarter. BlackRock Group LTD now owns 155,939 shares of the real estate investment trust’s stock valued at $5,999,000 after buying an additional 18,692 shares in the last quarter. Finally, Aperio Group LLC boosted its stake in Agree Realty Corp. by 26.2% in the first quarter. Aperio Group LLC now owns 7,723 shares of the real estate investment trust’s stock valued at $297,000 after buying an additional 1,602 shares in the last quarter. 80.71% of the stock is currently owned by 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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