Agree Realty Corporation (NYSE:ADC) Receives Average Rating of “Moderate Buy” from Brokerages

Agree Realty Corporation (NYSE:ADC) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $80.2273.

Several brokerages have commented on ADC. Truist Financial decreased their price target on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. KeyCorp boosted their target price on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Monday, January 19th. Wells Fargo & Company raised their price target on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday.

Insiders Place Their Bets

In related news, CFO Peter Coughenour purchased 500 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The stock was bought at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the transaction, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. The trade was a 2.77% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard Agree acquired 24,000 shares of the stock in a transaction dated Friday, January 9th. The stock was bought at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares in the company, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 39,500 shares of company stock valued at $2,813,680 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Institutional investors have recently bought and sold shares of the stock. AE Wealth Management LLC increased its position in Agree Realty by 3.5% during the third quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust’s stock valued at $331,000 after acquiring an additional 156 shares during the last quarter. IFP Advisors Inc grew its holdings in Agree Realty by 18.2% during the 3rd quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock valued at $79,000 after purchasing an additional 171 shares during the last quarter. QRG Capital Management Inc. raised its position in Agree Realty by 5.4% in the 3rd quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust’s stock worth $241,000 after purchasing an additional 174 shares during the period. HighPoint Advisor Group LLC lifted its stake in Agree Realty by 5.8% in the third quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock worth $225,000 after purchasing an additional 174 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its stake in Agree Realty by 3.4% in the second quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust’s stock worth $454,000 after purchasing an additional 204 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 0.6%

ADC stock opened at $72.48 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. Agree Realty has a 1-year low of $68.98 and a 1-year high of $79.65. The business has a 50 day simple moving average of $72.69 and a two-hundred day simple moving average of $72.67. The company has a market capitalization of $8.33 billion, a price-to-earnings ratio of 42.38, a PEG ratio of 2.56 and a beta of 0.55.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. Research analysts anticipate that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, January 30th. This represents a c) annualized dividend and a yield of 4.3%. Agree Realty’s dividend payout ratio (DPR) is 183.63%.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.