Agree Realty (NYSE:ADC) Stock Price Up 7.8%

Agree Realty Co. (NYSE:ADC) shares were up 7.8% during mid-day trading on Tuesday . The company traded as high as $59.58 and last traded at $57.34, approximately 984,236 shares changed hands during trading. An increase of 79% from the average daily volume of 550,947 shares. The stock had previously closed at $53.19.

Several analysts have recently issued reports on ADC shares. Stifel Nicolaus reduced their target price on shares of Agree Realty from $81.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Zacks Investment Research cut shares of Agree Realty from a “buy” rating to a “hold” rating in a report on Thursday, January 9th. Citigroup downgraded shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Friday, December 13th. Capital One Financial initiated coverage on shares of Agree Realty in a research note on Thursday, December 5th. They issued an “overweight” rating and a $82.00 price objective for the company. Finally, Robert W. Baird lifted their target price on shares of Agree Realty from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $80.57.

The stock has a market cap of $2.64 billion, a P/E ratio of 30.74, a P/E/G ratio of 2.36 and a beta of 0.13. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.57. The business has a 50 day simple moving average of $71.57 and a 200-day simple moving average of $72.90.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Friday, March 27th will be paid a dividend of $0.585 per share. This represents a $2.34 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date is Thursday, March 26th. Agree Realty’s payout ratio is 75.97%.

In other news, Director Jerome R. Rossi acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The shares were acquired at an average price of $60.72 per share, for a total transaction of $121,440.00. Following the completion of the purchase, the director now owns 4,171 shares in the company, valued at $253,263.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Simon Leopold acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was purchased at an average price of $72.60 per share, for a total transaction of $72,600.00. Following the purchase, the director now owns 2,762 shares of the company’s stock, valued at approximately $200,521.20. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its holdings in Agree Realty by 28.0% during the fourth quarter. SG Americas Securities LLC now owns 7,927 shares of the real estate investment trust’s stock valued at $556,000 after purchasing an additional 1,736 shares during the last quarter. State Street Corp grew its stake in Agree Realty by 11.4% in the 3rd quarter. State Street Corp now owns 1,750,982 shares of the real estate investment trust’s stock valued at $129,074,000 after buying an additional 179,324 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Agree Realty in the 3rd quarter valued at approximately $1,133,000. Metropolitan Life Insurance Co NY raised its holdings in Agree Realty by 19.3% during the 3rd 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 acquiring an additional 2,429 shares during the period. Finally, Stifel Financial Corp raised its holdings in Agree Realty by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 30,982 shares of the real estate investment trust’s stock valued at $2,259,000 after acquiring an additional 489 shares during the period.

Agree Realty Company Profile (NYSE:ADC)

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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