Agree Realty (NYSE:ADC) Research Coverage Started at Capital One Financial

Capital One Financial assumed coverage on shares of Agree Realty (NYSE:ADC) in a research report sent to investors on Thursday morning, Benzinga reports. The firm issued an overweight rating and a $82.00 target price on the real estate investment trust’s stock.

A number of other equities analysts have also recently weighed in on ADC. Wells Fargo & Co reissued a buy rating and set a $82.00 price target on shares of Agree Realty in a research report on Friday, August 30th. Zacks Investment Research upgraded shares of Agree Realty from a hold rating to a buy rating and set a $82.00 price objective for the company in a research report on Tuesday, September 24th. Berenberg Bank initiated coverage on Agree Realty in a research note on Tuesday, October 1st. They set a buy rating and a $82.00 price objective on the stock. Finally, ValuEngine lowered Agree Realty from a buy rating to a hold rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Agree Realty has an average rating of Buy and an average price target of $76.71.

Shares of ADC stock opened at $72.67 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a market cap of $3.08 billion, a PE ratio of 25.50, a price-to-earnings-growth ratio of 4.14 and a beta of -0.03. The stock has a 50-day moving average of $75.50 and a 200-day moving average of $70.98. Agree Realty has a one year low of $56.46 and a one year high of $79.54.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.06. Agree Realty had a net margin of 40.18% and a return on equity of 5.16%. The business had revenue of $48.08 million for the quarter, compared to analyst estimates of $47.28 million. As a group, research analysts anticipate that Agree Realty will post 3.06 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 20th will be paid a dividend of $0.585 per share. This represents a $2.34 dividend on an annualized basis and a yield of 3.22%. This is a boost from Agree Realty’s previous quarterly dividend of $0.57. The ex-dividend date is Thursday, December 19th. Agree Realty’s dividend payout ratio is presently 80.00%.

A number of hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY lifted its stake in Agree Realty by 19.3% in the third quarter. Metropolitan Life Insurance Co NY now owns 15,012 shares of the real estate investment trust’s stock valued at $1,098,000 after buying an additional 2,429 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Agree Realty during the third quarter worth $1,133,000. Voloridge Investment Management LLC increased its position in shares of Agree Realty by 72.6% during the third quarter. Voloridge Investment Management LLC now owns 21,165 shares of the real estate investment trust’s stock worth $1,548,000 after acquiring an additional 8,901 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Agree Realty by 10.4% during the third quarter. California State Teachers Retirement System now owns 63,951 shares of the real estate investment trust’s stock worth $4,678,000 after acquiring an additional 6,033 shares during the period. Finally, Stifel Financial Corp raised its holdings in shares of Agree Realty by 1.6% during the third quarter. Stifel Financial Corp now owns 30,982 shares of the real estate investment trust’s stock worth $2,259,000 after acquiring an additional 489 shares during the period.

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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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