Agree Realty Co. (ADC) Receives Consensus Rating of “Buy” from Brokerages

Agree Realty Co. (NYSE:ADC) has earned an average rating of “Buy” from the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $58.00.

Several brokerages have recently issued reports on ADC. Jefferies Financial Group set a $58.00 price objective 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 stock 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. Stifel Nicolaus upped their price target on Agree Realty from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, September 10th. Finally, Wells Fargo & Co set a $63.00 price target on Agree Realty and gave the stock a “buy” rating in a report on Tuesday, September 4th.

In other Agree Realty news, insider Richard Agree purchased 6,000 shares of Agree Realty stock in a transaction that occurred on Thursday, September 6th. The stock was bought at an average price of $54.77 per share, with a total value of $328,620.00. Following the acquisition, the insider now owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Laith Hermiz sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $58.00, for a total value of $203,000.00. Following the sale, the chief operating officer now owns 28,328 shares of the company’s stock, valued at $1,643,024. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

Large investors have recently bought and sold shares of the business. Meadow Creek Investment Management LLC increased its stake in Agree Realty by 31.4% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 6,440 shares of the real estate investment trust’s stock worth $340,000 after buying an additional 1,540 shares in the last quarter. Northern Trust Corp increased its stake in Agree Realty by 4.9% during the 2nd quarter. Northern Trust Corp now owns 956,488 shares of the real estate investment trust’s stock worth $50,473,000 after buying an additional 44,653 shares in the last quarter. Legal & General Group Plc increased its stake in Agree Realty by 6.4% during the 2nd quarter. Legal & General Group Plc now owns 146,565 shares of the real estate investment trust’s stock worth $7,735,000 after buying an additional 8,831 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Agree Realty by 13.6% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 12,313 shares of the real estate investment trust’s stock worth $650,000 after buying an additional 1,473 shares in the last quarter. Finally, GSA Capital Partners LLP increased its stake in Agree Realty by 201.9% during the 2nd quarter. GSA Capital Partners LLP now owns 14,887 shares of the real estate investment trust’s stock worth $786,000 after buying an additional 9,956 shares in the last quarter. Institutional investors own 93.32% of the company’s stock.

Shares of ADC stock opened at $59.08 on Friday. The stock has a market capitalization of $2.05 billion, a PE ratio of 21.72, a P/E/G ratio of 4.15 and a beta of 0.08. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.58. Agree Realty has a 52-week low of $43.74 and a 52-week high of $59.69.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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 business had revenue of $37.31 million during 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%. As a group, equities research analysts expect that Agree Realty will post 2.87 earnings per share for the current fiscal year.

Agree Realty Company Profile

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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Analyst Recommendations for Agree Realty (NYSE:ADC)

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