Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of "Buy" by the nine research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $79.91.
ADC has been the topic of a number of research reports. Zacks Investment Research lowered shares of Agree Realty from a "buy" rating to a "hold" rating in a research note on Monday, September 6th. Royal Bank of Canada began coverage on shares of Agree Realty in a research report on Friday. They issued an "outperform" rating and a $80.00 price objective on the stock. BTIG Research boosted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, July 14th. Mizuho boosted their price objective on shares of Agree Realty from $73.00 to $79.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 24th. Finally, Wells Fargo & Company boosted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, June 25th.
Large investors have recently added to or reduced their stakes in the business. FFT Wealth Management LLC acquired a new position in shares of Agree Realty in the second quarter valued at $28,000. IFP Advisors Inc increased its holdings in shares of Agree Realty by 783.9% in the second quarter. IFP Advisors Inc now owns 495 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 439 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Agree Realty by 378.0% in the first quarter. Panagora Asset Management Inc. now owns 631 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 499 shares during the last quarter. Montag A & Associates Inc. acquired a new position in shares of Agree Realty in the first quarter valued at about $51,000. Finally, Eaton Vance Management acquired a new position in shares of Agree Realty in the first quarter valued at about $67,000.
Agree Realty stock opened at $70.99 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.69 and a quick ratio of 2.69. Agree Realty has a fifty-two week low of $61.27 and a fifty-two week high of $75.95. The company's 50 day simple moving average is $73.80 and its 200 day simple moving average is $70.91. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 43.55 and a beta of 0.31.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Sunday, July 25th. The real estate investment trust reported $0.34 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.46 by ($0.12). Agree Realty had a net margin of 32.93% and a return on equity of 3.64%. As a group, analysts predict that Agree Realty will post 3.53 EPS for the current fiscal year.
The business also recently disclosed a monthly dividend, which was paid on Tuesday, September 14th. Shareholders of record on Tuesday, August 31st were issued a $0.217 dividend. The ex-dividend date of this dividend was Monday, August 30th. This represents a $2.60 annualized dividend and a dividend yield of 3.67%. Agree Realty's dividend payout ratio is currently 80.50%.
About Agree Realty
Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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