Shares of Agree Realty Co. (NYSE:ADC) have earned an average rating of “Buy” from the nine ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $58.00.

ADC has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price target on shares of Agree Realty from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, September 10th. Wells Fargo & Co set a $63.00 price target on shares of Agree Realty and gave the stock a “buy” rating in a report on Tuesday, September 4th. SunTrust Banks set a $57.00 target price on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, August 7th. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Finally, Jefferies Financial Group set a $58.00 target price on shares of Agree Realty and gave the company a “hold” rating in a report on Monday, September 17th.

In related news, Director John Rakolta, Jr. bought 13,274 shares of the stock in a transaction that occurred on Wednesday, September 5th. The stock was purchased at an average cost of $54.80 per share, for a total transaction of $727,415.20. Following the completion of the acquisition, the director now owns 12,000 shares in the company, valued at $657,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard Agree bought 6,000 shares of the stock in a transaction that occurred on Thursday, September 6th. The stock was bought at an average price of $54.77 per share, with a total value of $328,620.00. Following the completion of the acquisition, the insider now owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 19,494 shares of company stock valued at $1,067,618. 3.70% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Teachers Insurance & Annuity Association of America grew its holdings in Agree Realty by 2.5% in the second quarter. Teachers Insurance & Annuity Association of America now owns 39,666 shares of the real estate investment trust’s stock valued at $2,093,000 after purchasing an additional 967 shares during the period. US Bancorp DE grew its stake in Agree Realty by 6.2% during the second quarter. US Bancorp DE now owns 16,725 shares of the real estate investment trust’s stock worth $882,000 after buying an additional 983 shares during the period. Glen Harbor Capital Management LLC grew its stake in Agree Realty by 14.4% during the second quarter. Glen Harbor Capital Management LLC now owns 7,820 shares of the real estate investment trust’s stock worth $413,000 after buying an additional 986 shares during the period. Mason Street Advisors LLC grew its stake in Agree Realty by 13.1% during the first quarter. Mason Street Advisors LLC now owns 8,598 shares of the real estate investment trust’s stock worth $413,000 after buying an additional 999 shares during the period. Finally, Profund Advisors LLC grew its stake in Agree Realty by 22.8% during the first quarter. Profund Advisors LLC now owns 5,431 shares of the real estate investment trust’s stock worth $261,000 after buying an additional 1,008 shares during the period. Hedge funds and other institutional investors own 96.31% of the company’s stock.

Shares of NYSE ADC traded down $0.54 during midday trading on Friday, reaching $53.47. 397,143 shares of the stock were exchanged, compared to its average volume of 299,038. The company has a market cap of $1.66 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 3.72 and a beta of 0.26. Agree Realty has a 52-week low of $43.74 and a 52-week high of $57.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.03 and a quick ratio of 1.03.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Monday, July 23rd. The real estate investment trust reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The business had revenue of $35.71 million during the quarter, compared to the consensus estimate of $35.50 million. Agree Realty had a net margin of 43.90% and a return on equity of 6.53%. analysts anticipate that Agree Realty will post 2.87 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Friday, September 28th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 4.04%. Agree Realty’s payout ratio is 79.41%.

Agree Realty Company Profile

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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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