Shares of Agree Realty Co. (NYSE:ADC – Get Rating) have received a consensus recommendation of “Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $76.77.
A number of research firms have weighed in on ADC. Bank of America began coverage on shares of Agree Realty in a research note on Tuesday, February 8th. They set a “neutral” rating and a $72.00 price objective for the company. Raymond James reduced their price objective on shares of Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating for the company in a research note on Thursday, February 24th. Morgan Stanley assumed coverage on shares of Agree Realty in a research note on Friday, April 1st. They set an “overweight” rating and a $75.00 price objective for the company. JMP Securities assumed coverage on shares of Agree Realty in a report on Tuesday, May 10th. They set an “outperform” rating and a $81.00 price target on the stock. Finally, Stifel Nicolaus dropped their price target on shares of Agree Realty from $81.00 to $80.50 and set a “buy” rating on the stock in a report on Wednesday, February 23rd.
Shares of Agree Realty stock opened at $69.04 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50-day moving average of $68.15 and a 200 day moving average of $67.19. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 2.40 and a beta of 0.40. Agree Realty has a 1 year low of $61.62 and a 1 year high of $75.95.
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, June 14th. Investors of record on Tuesday, May 31st will be issued a $0.234 dividend. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Friday, May 27th. Agree Realty’s payout ratio is 157.87%.
In other Agree Realty news, CEO Joey Agree acquired 1,749 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were bought at an average price of $64.03 per share, with a total value of $111,988.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.20% of the company’s stock.
Large investors have recently modified their holdings of the business. Consolidated Planning Corp purchased a new position in Agree Realty during the third quarter valued at approximately $26,000. North Star Investment Management Corp. purchased a new position in Agree Realty during the first quarter valued at approximately $33,000. AGF Investments LLC bought a new stake in shares of Agree Realty during the fourth quarter valued at approximately $37,000. CWM LLC raised its position in shares of Agree Realty by 261.5% during the first quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 408 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new stake in shares of Agree Realty during the first quarter valued at approximately $38,000.
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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