Agree Realty Co. (NYSE:ADC) Receives Average Recommendation of “Buy” from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Buy” by the nine brokerages that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $76.71.

Several brokerages have commented on ADC. Wells Fargo & Co reiterated a “buy” rating and issued a $82.00 price target on shares of Agree Realty in a research note on Friday, August 30th. ValuEngine downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Berenberg Bank initiated coverage on shares of Agree Realty in a research report on Tuesday, October 1st. They set a “buy” rating and a $82.00 price objective for the company. Capital One Financial initiated coverage on shares of Agree Realty in a report on Thursday. They issued an “overweight” rating and a $82.00 target price for the company. Finally, Zacks Investment Research raised shares of Agree Realty from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Tuesday, September 24th.

ADC opened at $72.67 on Friday. Agree Realty has a one year low of $56.46 and a one year high of $79.54. The company has a market cap of $3.08 billion, a P/E ratio of 25.50, a PEG ratio of 4.14 and a beta of -0.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.45 and a current ratio of 0.45. The business’s 50-day simple moving average is $75.50 and its 200-day simple moving average is $70.98.

Agree Realty (NYSE:ADC) last issued its earnings results on Monday, October 21st. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.06. The business had revenue of $48.08 million for the quarter, compared to analyst estimates of $47.28 million. Agree Realty had a return on equity of 5.16% and a net margin of 40.18%. As a group, analysts predict that Agree Realty will post 3.06 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 20th will be given a $0.585 dividend. The ex-dividend date is Thursday, December 19th. This is a boost from Agree Realty’s previous quarterly dividend of $0.57. This represents a $2.34 dividend on an annualized basis and a dividend yield of 3.22%. Agree Realty’s dividend payout ratio is 80.00%.

A number of large investors have recently added to or reduced their stakes in ADC. Nuveen Asset Management LLC increased its position in Agree Realty by 257.4% during the second quarter. Nuveen Asset Management LLC now owns 1,389,031 shares of the real estate investment trust’s stock worth $88,968,000 after buying an additional 1,000,331 shares during the period. Invesco Ltd. increased its holdings in shares of Agree Realty by 33.7% in the 2nd quarter. Invesco Ltd. now owns 2,885,570 shares of the real estate investment trust’s stock valued at $184,820,000 after acquiring an additional 727,504 shares during the period. Citadel Advisors LLC increased its holdings in shares of Agree Realty by 201.4% in the 2nd quarter. Citadel Advisors LLC now owns 937,843 shares of the real estate investment trust’s stock valued at $60,069,000 after acquiring an additional 626,701 shares during the period. Vanguard Group Inc. raised its position in Agree Realty by 7.7% in the 2nd quarter. Vanguard Group Inc. now owns 5,867,908 shares of the real estate investment trust’s stock valued at $375,839,000 after purchasing an additional 421,465 shares during the last quarter. Finally, BlackRock Inc. raised its position in Agree Realty by 5.1% in the 2nd quarter. BlackRock Inc. now owns 6,373,408 shares of the real estate investment trust’s stock valued at $408,217,000 after purchasing an additional 311,257 shares during the last quarter.

Agree Realty Company Profile

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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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