Agree Realty (NYSE:ADC) Downgraded by Citigroup to Neutral

Citigroup lowered shares of Agree Realty (NYSE:ADC) from a buy rating to a neutral rating in a report issued on Friday.

A number of other equities research analysts have also recently issued reports on ADC. ValuEngine cut shares of Agree Realty from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Capital One Financial initiated coverage on shares of Agree Realty in a research note on Thursday, December 5th. They set an overweight rating and a $82.00 target price on the stock. Berenberg Bank initiated coverage on shares of Agree Realty in a research note on Tuesday, October 1st. They set a buy rating and a $82.00 target price on the stock. 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 note on Tuesday, September 24th. Finally, Wells Fargo & Co reaffirmed a buy rating and set a $82.00 target price on shares of Agree Realty in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Agree Realty currently has an average rating of Buy and an average price target of $80.50.

Agree Realty stock traded down $1.09 during trading on Friday, reaching $68.41. The company had a trading volume of 974,573 shares, compared to its average volume of 334,202. The firm’s 50-day simple moving average is $74.83 and its 200 day simple moving average is $71.11. Agree Realty has a 1-year low of $56.46 and a 1-year high of $79.54. The firm has a market capitalization of $3.00 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 3.91 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.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, October 21st. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.06. Agree Realty had a net margin of 40.18% and a return on equity of 5.16%. The firm had revenue of $48.08 million for the quarter, compared to analysts’ expectations of $47.28 million. Analysts anticipate that Agree Realty will post 3.07 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 20th will be paid a dividend of $0.585 per share. This represents a $2.34 annualized dividend and a yield of 3.42%. The ex-dividend date is Thursday, December 19th. This is a boost from Agree Realty’s previous quarterly dividend of $0.57. Agree Realty’s payout ratio is 80.00%.

In other Agree Realty news, Director Greg Lehmkuhl bought 500 shares of the stock in a transaction on Monday, December 9th. The shares were bought at an average price of $72.69 per share, with a total value of $36,345.00. Following the purchase, the director now directly owns 5,536 shares in the company, valued at approximately $402,411.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.10% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY boosted its stake in Agree Realty by 19.3% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 15,012 shares of the real estate investment trust’s stock worth $1,098,000 after purchasing an additional 2,429 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Agree Realty during the 3rd quarter valued at about $1,133,000. Voloridge Investment Management LLC boosted its position in shares of Agree Realty by 72.6% during the 3rd quarter. Voloridge Investment Management LLC now owns 21,165 shares of the real estate investment trust’s stock valued at $1,548,000 after acquiring an additional 8,901 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Agree Realty by 10.4% during the 3rd quarter. California State Teachers Retirement System now owns 63,951 shares of the real estate investment trust’s stock valued at $4,678,000 after acquiring an additional 6,033 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Agree Realty by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 30,982 shares of the real estate investment trust’s stock valued at $2,259,000 after acquiring an additional 489 shares during the last quarter.

About Agree Realty

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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