Agree Realty Co. (NYSE:ADC) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Agree Realty Co. (NYSE:ADCGet Rating) have been assigned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $76.77.

A number of brokerages have issued reports on ADC. Morgan Stanley began coverage on Agree Realty in a research note on Friday, April 1st. They issued an “overweight” rating and a $75.00 target price for the company. Raymond James cut their target price on Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating for the company in a research note on Thursday, February 24th. Bank of America began coverage on Agree Realty in a research note on Tuesday, February 8th. They issued a “neutral” rating and a $72.00 target price for the company. Royal Bank of Canada cut their target price on Agree Realty from $80.00 to $75.00 in a research note on Thursday, February 24th. Finally, JMP Securities initiated coverage on Agree Realty in a research report on Tuesday, May 10th. They set an “outperform” rating and a $81.00 price objective for the company.

NYSE ADC opened at $69.04 on Friday. The business has a fifty day moving average price of $68.15 and a 200 day moving average price of $67.19. Agree Realty has a one year low of $61.62 and a one year high of $75.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $5.19 billion, a P/E ratio of 38.79, a P/E/G ratio of 2.40 and a beta of 0.40.

Agree Realty (NYSE:ADCGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $0.48 EPS for the quarter, beating the consensus estimate of $0.45 by $0.03. Agree Realty had a return on equity of 3.94% and a net margin of 35.65%. During the same period in the prior year, the company posted $0.84 earnings per share. As a group, sell-side analysts predict that Agree Realty will post 3.87 EPS for the current fiscal year.

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 14th. Investors of record on Tuesday, May 31st will be issued a dividend of $0.234 per share. This represents a $2.81 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Friday, May 27th. Agree Realty’s dividend payout ratio (DPR) is 157.87%.

In other news, CEO Joey Agree bought 1,749 shares of the stock in a transaction that occurred on Tuesday, March 22nd. The stock was bought at an average cost of $64.03 per share, for a total transaction of $111,988.47. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in ADC. Consolidated Planning Corp purchased a new position in shares of Agree Realty in the 3rd quarter valued at about $26,000. North Star Investment Management Corp. purchased a new position in shares of Agree Realty in the 1st quarter valued at about $33,000. AGF Investments LLC purchased a new position in shares of Agree Realty in the 4th quarter valued at about $37,000. CWM LLC boosted its stake in shares of Agree Realty by 261.5% in the 1st quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 408 shares during the period. Finally, Prospera Financial Services Inc purchased a new position in shares of Agree Realty in the 1st quarter valued at about $38,000.

Agree Realty Company Profile (Get Rating)

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 September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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