Agree Realty (ADC) Hits New 52-Week High at $62.12
Agree Realty Co. (NYSE:ADC) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.12 and last traded at $62.26, with a volume of 25009 shares changing hands. The stock had previously closed at $59.55.
Several research firms recently issued reports on ADC. Jefferies Financial Group set a $58.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a research note on Monday, September 17th. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, September 10th. Finally, Wells Fargo & Co set a $63.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a research note on Tuesday, September 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $58.00.
The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.58. The company has a market cap of $2.15 billion, a PE ratio of 22.76, a price-to-earnings-growth ratio of 4.35 and a beta of 0.13.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 21st will be paid a $0.555 dividend. This represents a $2.22 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, December 20th. This is a positive change from Agree Realty’s previous quarterly dividend of $0.54. Agree Realty’s payout ratio is presently 79.41%.
In related news, COO Laith Hermiz sold 3,500 shares of Agree Realty stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $58.00, for a total value of $203,000.00. Following the completion of the sale, the chief operating officer now owns 28,328 shares of the company’s stock, valued at approximately $1,643,024. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in ADC. Cohen & Steers Inc. lifted its position in Agree Realty by 28.0% during the 3rd quarter. Cohen & Steers Inc. now owns 4,238,179 shares of the real estate investment trust’s stock worth $225,132,000 after acquiring an additional 926,427 shares during the last quarter. BlackRock Inc. lifted its position in Agree Realty by 11.3% during the 2nd quarter. BlackRock Inc. now owns 4,991,362 shares of the real estate investment trust’s stock worth $263,394,000 after acquiring an additional 506,520 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Agree Realty by 132.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 430,245 shares of the real estate investment trust’s stock worth $22,855,000 after acquiring an additional 245,029 shares during the last quarter. Waddell & Reed Financial Inc. acquired a new position in Agree Realty during the 2nd quarter worth $9,251,000. Finally, American Century Companies Inc. lifted its position in Agree Realty by 24.6% during the 3rd quarter. American Century Companies Inc. now owns 620,020 shares of the real estate investment trust’s stock worth $32,935,000 after acquiring an additional 122,345 shares during the last quarter.
About Agree Realty (NYSE:ADC)
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, 2018, the Company owned and operated a portfolio of 520 properties, located in 45 states and containing approximately 10.0 million square feet of gross leasable space.
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