Agree Realty (ADC) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a report issued on Wednesday, December 27th.

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. “

ADC has been the topic of several other research reports. FBR & Co restated a buy rating and set a $58.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services restated a buy rating on shares of Agree Realty in a research report on Tuesday, October 24th. Stifel Nicolaus restated a buy rating and set a $54.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. B. Riley restated a buy rating on shares of Agree Realty in a research report on Wednesday, November 1st. Finally, Jefferies Group set a $51.00 target price on Agree Realty and gave the company a hold rating in a research report on Friday, December 15th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $54.63.

Shares of Agree Realty (NYSE ADC) opened at $48.97 on Wednesday. The firm has a market capitalization of $1,430.00, a PE ratio of 23.89, a PEG ratio of 3.41 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63. Agree Realty has a one year low of $44.28 and a one year high of $53.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.27). Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The company had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. During the same period in the previous year, the company posted $0.66 EPS. The company’s quarterly revenue was up 25.8% on a year-over-year basis. sell-side analysts expect that Agree Realty will post 2.7 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th were issued a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.08 annualized dividend and a yield of 4.25%. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. Agree Realty’s dividend payout ratio is presently 101.46%.

In other news, CFO Clayton R. Thelen purchased 1,010 shares of the business’s stock in a transaction on Monday, December 11th. The shares were acquired at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the completion of the acquisition, the chief financial officer now owns 5,073 shares in the company, valued at $251,417.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. purchased 3,300 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was purchased at an average price of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. Pinebridge Investments L.P. boosted its holdings in Agree Realty by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after acquiring an additional 34 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Agree Realty by 0.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,462 shares of the real estate investment trust’s stock valued at $1,122,000 after purchasing an additional 79 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of Agree Realty by 4.5% in the second quarter. Neuberger Berman Group LLC now owns 5,776 shares of the real estate investment trust’s stock valued at $265,000 after purchasing an additional 247 shares in the last quarter. Profund Advisors LLC lifted its holdings in shares of Agree Realty by 10.1% in the second quarter. Profund Advisors LLC now owns 4,926 shares of the real estate investment trust’s stock valued at $226,000 after purchasing an additional 453 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of Agree Realty by 1.9% in the second quarter. Comerica Bank now owns 29,548 shares of the real estate investment trust’s stock valued at $1,388,000 after purchasing an additional 553 shares in the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.

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About Agree Realty

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).

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