Brokerages Set Agree Realty Corporation (ADC) Target Price at $51.63

Shares of Agree Realty Corporation (NYSE:ADC) have been assigned a consensus recommendation of “Buy” from the twelve brokerages that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $51.63.

A number of equities analysts have issued reports on ADC shares. Zacks Investment Research raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 target price on shares of Agree Realty Corporation in a report on Tuesday, August 22nd. BidaskClub cut shares of Agree Realty Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. FBR & Co set a $56.00 target price on shares of Agree Realty Corporation and gave the stock a “buy” rating in a report on Wednesday, June 14th. Finally, Canaccord Genuity started coverage on shares of Agree Realty Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $53.00 target price on the stock.

Shares of Agree Realty Corporation (NYSE:ADC) traded up 0.04% during trading on Wednesday, reaching $50.50. The company had a trading volume of 162,726 shares. Agree Realty Corporation has a 52-week low of $41.01 and a 52-week high of $51.50. The stock has a 50 day moving average of $49.22 and a 200 day moving average of $47.95. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 22.72 and a beta of 0.58.

Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping the consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. The business had revenue of $28.10 million for the quarter, compared to analysts’ expectations of $27.66 million. During the same quarter last year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. Equities research analysts forecast that Agree Realty Corporation will post $1.97 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a dividend of $0.505 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.00%. Agree Realty Corporation’s dividend payout ratio is presently 90.58%.

Several hedge funds and other institutional investors have recently bought and sold shares of ADC. Glen Harbor Capital Management LLC acquired a new position in shares of Agree Realty Corporation during the first quarter valued at approximately $101,000. Ameritas Investment Partners Inc. acquired a new position in shares of Agree Realty Corporation during the first quarter valued at approximately $102,000. Riverhead Capital Management LLC increased its stake in shares of Agree Realty Corporation by 114.8% during the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after acquiring an additional 1,263 shares during the period. Bank of Montreal Can increased its stake in shares of Agree Realty Corporation by 300.8% during the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after acquiring an additional 1,868 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in shares of Agree Realty Corporation by 30.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds own 86.89% of the company’s stock.

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Agree Realty Corporation Company Profile

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

Analyst Recommendations for Agree Realty Corporation (NYSE:ADC)

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