Shares of Agree Realty Co. (NYSE:ADC) have been assigned an average recommendation of “Buy” from the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $66.33.
Several equities analysts recently weighed in on the company. Citigroup boosted their price objective on Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 27th. Raymond James boosted their price objective on Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Monday, March 4th. Jefferies Financial Group raised Agree Realty from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $60.00 to $70.00 in a research report on Thursday, December 13th. LADENBURG THALM/SH SH lowered Agree Realty from a “buy” rating to a “neutral” rating in a research note on Monday, February 11th. Finally, Wells Fargo & Co boosted their price target on Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, March 18th. They noted that the move was a valuation call.
Shares of NYSE ADC traded down $0.08 during trading hours on Thursday, hitting $68.81. 5,504 shares of the company’s stock were exchanged, compared to its average volume of 325,952. Agree Realty has a 1-year low of $47.22 and a 1-year high of $70.25. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a market capitalization of $2.54 billion, a PE ratio of 24.15, a P/E/G ratio of 3.89 and a beta of 0.19.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a $0.555 dividend. The ex-dividend date is Thursday, March 28th. This represents a $2.22 annualized dividend and a dividend yield of 3.23%. Agree Realty’s dividend payout ratio is currently 77.89%.
In other news, Director Farris G. Kalil sold 701 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $69.49, for a total value of $48,712.49. Following the sale, the director now directly owns 9,034 shares in the company, valued at approximately $627,772.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 3.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ADC. First Trust Advisors LP grew its stake in shares of Agree Realty by 451.2% in the 3rd quarter. First Trust Advisors LP now owns 26,175 shares of the real estate investment trust’s stock valued at $1,390,000 after purchasing an additional 21,426 shares during the period. Wells Fargo & Company MN grew its position in Agree Realty by 8.0% during the 3rd quarter. Wells Fargo & Company MN now owns 180,575 shares of the real estate investment trust’s stock worth $9,592,000 after acquiring an additional 13,348 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Agree Realty by 9.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 13,588 shares of the real estate investment trust’s stock worth $721,000 after acquiring an additional 1,229 shares during the last quarter. Rhumbline Advisers grew its position in Agree Realty by 1.7% during the 3rd quarter. Rhumbline Advisers now owns 102,320 shares of the real estate investment trust’s stock worth $5,435,000 after acquiring an additional 1,706 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Agree Realty by 4.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 884,938 shares of the real estate investment trust’s stock worth $47,008,000 after acquiring an additional 41,446 shares during the last quarter.
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 December 31, 2018, the Company owned and operated a portfolio of 645 properties, located in 46 states and containing approximately 11.2 million square feet of gross leasable space.
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