Brokerages Set Agree Realty Co. (NYSE:ADC) PT at $78.55

Shares of Agree Realty Co. (NYSE:ADC – Get Rating) have earned an average rating of “Moderate Buy” from the twelve research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $78.55.

A number of equities analysts have commented on ADC shares. StockNews.com began coverage on shares of Agree Realty in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Mizuho decreased their price objective on Agree Realty from $78.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, March 9th. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 21st. Finally, Stifel Nicolaus lifted their target price on Agree Realty from $76.75 to $77.50 in a research report on Wednesday, February 15th.

Agree Realty Price Performance

ADC stock opened at $65.61 on Friday. Agree Realty has a 1 year low of $63.34 and a 1 year high of $80.44. The firm has a market capitalization of $6.11 billion, a PE ratio of 36.65, a price-to-earnings-growth ratio of 3.18 and a beta of 0.46. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.72 and a quick ratio of 0.72. The business has a 50 day simple moving average of $67.06 and a 200-day simple moving average of $69.99.

Agree Realty (NYSE:ADC – Get Rating) last issued its earnings results on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.52). Agree Realty had a net margin of 34.48% and a return on equity of 4.04%. The company had revenue of $126.62 million during the quarter, compared to analysts’ expectations of $124.55 million. During the same quarter in the previous year, the company earned $0.97 earnings per share. Equities research analysts anticipate that Agree Realty will post 3.94 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, June 14th. Investors of record on Wednesday, May 31st will be issued a $0.243 dividend. The ex-dividend date is Tuesday, May 30th. This represents a $2.92 annualized dividend and a dividend yield of 4.44%. Agree Realty’s dividend payout ratio is presently 162.57%.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 5,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $65.35 per share, for a total transaction of $326,750.00. Following the completion of the purchase, the chief executive officer now directly owns 524,253 shares of the company’s stock, valued at $34,259,933.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Agree Realty news, CEO Joey Agree purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was bought at an average price of $65.35 per share, with a total value of $326,750.00. Following the transaction, the chief executive officer now directly owns 524,253 shares of the company’s stock, valued at approximately $34,259,933.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. purchased 10,495 shares of the company’s stock in a transaction on Monday, May 8th. The stock was acquired at an average price of $67.85 per share, with a total value of $712,085.75. Following the purchase, the director now owns 281,768 shares of the company’s stock, valued at $19,117,958.80. The disclosure for this purchase can be found here. Insiders bought 29,495 shares of company stock worth $1,967,261 in the last three months. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Agree Realty

Several large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in shares of Agree Realty by 33.6% during the first quarter. JPMorgan Chase & Co. now owns 1,592,060 shares of the real estate investment trust’s stock worth $109,230,000 after buying an additional 400,084 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Agree Realty during the 1st quarter worth approximately $219,000. Geode Capital Management LLC increased its position in shares of Agree Realty by 6.7% in the 1st quarter. Geode Capital Management LLC now owns 2,007,925 shares of the real estate investment trust’s stock valued at $138,577,000 after purchasing an additional 126,470 shares during the last quarter. Heitman Real Estate Securities LLC raised its holdings in shares of Agree Realty by 11.2% in the 1st quarter. Heitman Real Estate Securities LLC now owns 772,554 shares of the real estate investment trust’s stock valued at $53,005,000 after purchasing an additional 77,949 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its position in shares of Agree Realty by 133.3% during the 1st quarter. Balyasny Asset Management L.P. now owns 691,423 shares of the real estate investment trust’s stock worth $47,439,000 after purchasing an additional 395,040 shares during the last quarter.

Agree Realty Company Profile

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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.