Agree Realty Co. (NYSE:ADC) Director John Rakolta, Jr. Purchases 7,500 Shares of Stock

Agree Realty Co. (NYSE:ADC – Get Rating) Director John Rakolta, Jr. acquired 7,500 shares of the firm’s stock in a transaction on Thursday, May 11th. The stock was purchased at an average price of $66.45 per share, for a total transaction of $498,375.00. Following the completion of the transaction, the director now directly owns 300,056 shares in the company, valued at approximately $19,938,721.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Agree Realty Stock Performance

ADC stock opened at $66.86 on Tuesday. The business’s 50-day moving average price is $67.38 and its two-hundred day moving average price is $70.07. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.44. The firm has a market cap of $6.23 billion, a PE ratio of 37.35, a P/E/G ratio of 3.55 and a beta of 0.46. Agree Realty Co. has a 1-year low of $63.34 and a 1-year high of $80.44.

Agree Realty (NYSE:ADC – Get Rating) last posted its earnings results on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.52). The business had revenue of $126.62 million for the quarter, compared to the consensus estimate of $124.55 million. Agree Realty had a return on equity of 4.04% and a net margin of 34.48%. During the same quarter in the prior year, the firm posted $0.97 earnings per share. As a group, research analysts forecast that Agree Realty Co. will post 3.93 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Wednesday, May 31st will be paid a $0.243 dividend. This represents a $2.92 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Tuesday, May 30th. Agree Realty’s dividend payout ratio is 162.57%.

Analysts Set New Price Targets

ADC has been the topic of a number of recent research reports. Mizuho decreased their price objective on Agree Realty from $78.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, March 9th. StockNews.com assumed coverage on Agree Realty in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 21st. Finally, Stifel Nicolaus raised their price target on Agree Realty from $76.75 to $77.50 in a research report on Wednesday, February 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $78.23.

Institutional Trading of Agree Realty

Hedge funds and other institutional investors have recently modified their holdings of the company. TCI Wealth Advisors Inc. raised its stake in shares of Agree Realty by 56.2% in the 4th quarter. TCI Wealth Advisors Inc. now owns 392 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 141 shares during the period. Versant Capital Management Inc increased its position in shares of Agree Realty by 99.5% in the third quarter. Versant Capital Management Inc now owns 425 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 212 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Agree Realty by 7,150.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 429 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Agree Realty in the third quarter valued at about $35,000. Finally, Parallel Advisors LLC increased its position in shares of Agree Realty by 133.2% in the first quarter. Parallel Advisors LLC now owns 506 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 289 shares during the last quarter.

About Agree Realty

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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.