Jefferies Financial Group set a $58.00 price target on Agree Realty (NYSE:ADC) in a research note released on Monday, September 17th. The firm currently has a hold rating on the real estate investment trust’s stock. Jefferies Financial Group also issued estimates for Agree Realty’s Q3 2018 earnings at $0.71 EPS, FY2018 earnings at $2.87 EPS, Q4 2019 earnings at $0.79 EPS, FY2019 earnings at $3.10 EPS, Q1 2020 earnings at $0.81 EPS and FY2020 earnings at $3.28 EPS.
A number of other research analysts also recently weighed in on the company. Wells Fargo & Co set a $63.00 target price on Agree Realty and gave the stock a buy rating in a report on Tuesday, September 4th. Stifel Nicolaus upped their price target on Agree Realty from $56.00 to $57.00 and gave the stock a buy rating in a research note on Monday, September 10th. SunTrust Banks set a $57.00 price target on Agree Realty and gave the stock a buy rating in a research note on Tuesday, August 7th. Finally, ValuEngine downgraded Agree Realty from a buy rating to a hold rating in a research note on Friday, June 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $57.63.
Shares of ADC stock traded down $0.13 during midday trading on Monday, reaching $51.46. 147,093 shares of the stock were exchanged, compared to its average volume of 221,463. Agree Realty has a 1 year low of $43.74 and a 1 year high of $57.49. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 3.71 and a beta of 0.23.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were given a $0.54 dividend. The ex-dividend date was Thursday, September 27th. This represents a $2.16 annualized dividend and a yield of 4.20%. Agree Realty’s dividend payout ratio (DPR) is presently 79.41%.
In other Agree Realty news, Director John Rakolta, Jr. acquired 13,274 shares of the stock in a transaction that occurred on Wednesday, September 5th. The shares were acquired at an average cost of $54.80 per share, with a total value of $727,415.20. Following the transaction, the director now owns 12,000 shares of the company’s stock, valued at approximately $657,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard Agree acquired 6,000 shares of the stock in a transaction that occurred on Thursday, September 6th. The stock was acquired at an average cost of $54.77 per share, for a total transaction of $328,620.00. Following the completion of the transaction, the insider now directly owns 417,966 shares in the company, valued at approximately $22,891,997.82. The disclosure for this purchase can be found here. Insiders purchased a total of 19,494 shares of company stock worth $1,067,618 over the last ninety days. 3.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meadow Creek Investment Management LLC lifted its holdings in shares of Agree Realty by 31.4% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 6,440 shares of the real estate investment trust’s stock valued at $340,000 after buying an additional 1,540 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Agree Realty by 7.7% during the 1st quarter. Prudential Financial Inc. now owns 51,770 shares of the real estate investment trust’s stock valued at $2,487,000 after buying an additional 3,708 shares during the period. Legal & General Group Plc lifted its holdings in shares of Agree Realty by 6.4% during the 2nd quarter. Legal & General Group Plc now owns 146,565 shares of the real estate investment trust’s stock valued at $7,735,000 after buying an additional 8,831 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 34.0% during the 1st quarter. JPMorgan Chase & Co. now owns 232,891 shares of the real estate investment trust’s stock valued at $11,188,000 after buying an additional 59,087 shares during the period. Finally, Westpac Banking Corp lifted its holdings in shares of Agree Realty by 11.6% during the 2nd quarter. Westpac Banking Corp now owns 122,719 shares of the real estate investment trust’s stock valued at $6,476,000 after buying an additional 12,750 shares during the period. 96.31% of the stock is currently owned by hedge funds and other institutional investors.
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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