Joey Agree Buys 5,000 Shares of Agree Realty Co. (NYSE:ADC) Stock

Agree Realty Co. (NYSE:ADC – Get Rating) CEO Joey Agree acquired 5,000 shares of the firm’s stock in a transaction dated Friday, May 12th. The stock was bought at an average cost of $66.36 per share, with a total value of $331,800.00. Following the acquisition, the chief executive officer now owns 519,253 shares in the company, valued at $34,457,629.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Agree Realty Price Performance

NYSE:ADC opened at $66.86 on Tuesday. Agree Realty Co. has a 12 month low of $63.34 and a 12 month high of $80.44. The stock has a 50 day moving average of $67.38 and a two-hundred day moving average of $70.07. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.44. The firm has a market cap of $6.23 billion, a P/E ratio of 37.35, a price-to-earnings-growth ratio of 3.55 and a beta of 0.46.

Agree Realty (NYSE:ADC – Get Rating) last posted its quarterly earnings data on Friday, May 5th. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.52). Agree Realty had a return on equity of 4.04% and a net margin of 34.48%. The firm had revenue of $126.62 million for the quarter, compared to analysts’ expectations of $124.55 million. During the same quarter last year, the firm posted $0.97 earnings per share. On average, analysts expect that Agree Realty Co. will post 3.93 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Wednesday, May 31st will be given a $0.243 dividend. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.36%. Agree Realty’s dividend payout ratio (DPR) is presently 162.57%.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new stake in shares of Agree Realty in the first quarter valued at approximately $99,000. Public Employees Retirement System of Ohio grew its position in shares of Agree Realty by 14.7% in the first quarter. Public Employees Retirement System of Ohio now owns 118,765 shares of the real estate investment trust’s stock valued at $8,148,000 after purchasing an additional 15,229 shares in the last quarter. DoubleLine ETF Adviser LP purchased a new stake in shares of Agree Realty in the first quarter valued at approximately $305,000. Wexford Capital LP purchased a new stake in shares of Agree Realty in the first quarter valued at approximately $330,000. Finally, Lasalle Investment Management Securities LLC grew its position in shares of Agree Realty by 28.8% in the first quarter. Lasalle Investment Management Securities LLC now owns 923,401 shares of the real estate investment trust’s stock valued at $63,355,000 after purchasing an additional 206,655 shares in the last quarter.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent analyst reports. StockNews.com initiated coverage on Agree Realty in a research note on Thursday, March 16th. They issued a “sell” rating for the company. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 21st. Stifel Nicolaus lifted their price target on Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. Finally, Mizuho cut their price target on Agree Realty from $78.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, March 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $78.23.

About Agree Realty

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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.