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

Shares of Agree Realty Co. (NYSE:ADCGet Rating) have been assigned an average rating of “Buy” from the twelve research firms that are covering the firm, MarketBeat reports. Four equities research 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 twelve-month target price among brokerages that have issued ratings on the stock in the last year is $76.35.

A number of analysts have commented on ADC shares. Raymond James lowered their price target on Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating for the company in a research report on Thursday, February 24th. StockNews.com started coverage on Agree Realty in a research report on Thursday, March 31st. They set a “hold” rating for the company. Bank of America started coverage on Agree Realty in a research report on Tuesday, February 8th. They set a “neutral” rating and a $72.00 price target for the company. Royal Bank of Canada lowered their price target on Agree Realty from $80.00 to $75.00 in a research report on Thursday, February 24th. Finally, Morgan Stanley assumed coverage on Agree Realty in a report on Friday, April 1st. They issued an “overweight” rating and a $75.00 price objective for the company.

Shares of ADC stock opened at $66.17 on Tuesday. Agree Realty has a 1-year low of $61.62 and a 1-year high of $75.95. The stock’s fifty day moving average price is $66.57 and its 200 day moving average price is $67.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 37.17, a price-to-earnings-growth ratio of 2.22 and a beta of 0.40.

Agree Realty (NYSE:ADCGet Rating) last issued its quarterly earnings results on Monday, February 21st. The real estate investment trust reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.03). Agree Realty had a return on equity of 3.97% and a net margin of 36.03%. During the same period last year, the firm posted $0.84 EPS. As a group, equities research analysts anticipate that Agree Realty will post 3.84 earnings per share for the current year.

The business also recently disclosed a monthly dividend, which will be paid on Friday, May 13th. Stockholders of record on Friday, April 29th will be issued a $0.234 dividend. This represents a $2.81 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend is Thursday, April 28th. This is a boost from Agree Realty’s previous monthly dividend of $0.23. Agree Realty’s payout ratio is 157.87%.

In other news, CEO Joey Agree acquired 1,749 shares of the business’s stock in a transaction on Tuesday, March 22nd. The stock was bought at an average cost of $64.03 per share, for a total transaction of $111,988.47. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

A number of large investors have recently bought and sold shares of ADC. Consolidated Planning Corp purchased a new stake in Agree Realty during the 3rd quarter worth approximately $26,000. AGF Investments LLC purchased a new stake in Agree Realty during the 4th quarter worth approximately $37,000. CWM LLC increased its stake in Agree Realty by 261.5% during the 1st quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 408 shares in the last quarter. UMB Bank N A MO purchased a new stake in Agree Realty during the 4th quarter worth approximately $49,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Agree Realty in the third quarter valued at approximately $74,000.

About Agree Realty (Get Rating)

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 September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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