Agree Realty (NYSE:ADC) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Agree Realty (NYSE:ADC) from a buy rating to a hold rating in a research note published on Monday morning, Zacks.com reports.

According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “

Several other research firms also recently weighed in on ADC. Raymond James reissued a buy rating on shares of Agree Realty in a research report on Thursday, August 6th. Wells Fargo & Company raised their price target on Agree Realty from $67.00 to $75.00 and gave the stock an overweight rating in a research report on Wednesday, June 10th. Stifel Nicolaus reissued a buy rating and set a $73.00 price target on shares of Agree Realty in a research report on Friday, July 10th. Finally, Citigroup raised their price target on Agree Realty from $70.00 to $76.00 and gave the stock a buy rating in a research report on Thursday, July 2nd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $75.44.

Shares of Agree Realty stock opened at $69.29 on Monday. Agree Realty has a 52 week low of $45.23 and a 52 week high of $80.51. The business’s fifty day simple moving average is $67.21 and its 200-day simple moving average is $65.12. The firm has a market cap of $3.73 billion, a PE ratio of 35.72 and a beta of 0.20. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.36.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, July 20th. The real estate investment trust reported $0.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.25). Agree Realty had a net margin of 41.98% and a return on equity of 5.24%. The business had revenue of $57.54 million during the quarter, compared to analyst estimates of $55.23 million. As a group, equities analysts expect that Agree Realty will post 3.18 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be paid a $0.60 dividend. The ex-dividend date is Thursday, September 24th. This represents a $2.40 dividend on an annualized basis and a yield of 3.46%. Agree Realty’s payout ratio is presently 77.92%.

A number of hedge funds have recently made changes to their positions in ADC. RMR Wealth Builders bought a new stake in shares of Agree Realty in the 2nd quarter valued at $28,000. Van ECK Associates Corp boosted its stake in Agree Realty by 108.6% in the 1st quarter. Van ECK Associates Corp now owns 507 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 264 shares during the period. Royal Fund Management LLC bought a new position in Agree Realty in the 1st quarter worth approximately $43,000. Glenmede Trust Co. NA boosted its stake in Agree Realty by 98.2% in the 2nd quarter. Glenmede Trust Co. NA now owns 662 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 328 shares during the period. Finally, Private Capital Group LLC boosted its stake in Agree Realty by 32.6% in the 1st quarter. Private Capital Group LLC now owns 976 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 240 shares during the period.

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.

Recommended Story: Google Finance

Get a free copy of the Zacks research report on Agree Realty (ADC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Agree Realty (NYSE:ADC)

Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.