Joey Agree Purchases 3,670 Shares of Agree Realty Co. (NYSE:ADC) Stock

Agree Realty Co. (NYSE:ADC) CEO Joey Agree purchased 3,670 shares of the firm’s stock in a transaction on Friday, September 24th. The stock was bought at an average cost of $67.56 per share, with a total value of $247,945.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

ADC stock traded up $0.74 during midday trading on Monday, hitting $68.41. The company’s stock had a trading volume of 9,753 shares, compared to its average volume of 624,440. The stock’s 50-day moving average price is $73.41 and its 200 day moving average price is $71.13. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.49. Agree Realty Co. has a 1 year low of $61.27 and a 1 year high of $75.95. The stock has a market cap of $4.71 billion, a price-to-earnings ratio of 41.52 and a beta of 0.31.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Sunday, July 25th. The real estate investment trust reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.12). Agree Realty had a return on equity of 3.64% and a net margin of 32.93%. As a group, equities analysts forecast that Agree Realty Co. will post 3.53 earnings per share for the current fiscal year.

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 14th. Shareholders of record on Thursday, September 30th will be given a $0.217 dividend. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $2.60 annualized dividend and a yield of 3.81%. Agree Realty’s dividend payout ratio is currently 80.50%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in shares of Agree Realty by 172.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 387,543 shares of the real estate investment trust’s stock valued at $26,085,000 after buying an additional 245,249 shares during the last quarter. American International Group Inc. raised its stake in shares of Agree Realty by 11.6% during the 1st quarter. American International Group Inc. now owns 43,240 shares of the real estate investment trust’s stock valued at $2,910,000 after purchasing an additional 4,511 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of Agree Realty by 8.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 25,994 shares of the real estate investment trust’s stock valued at $1,832,000 after purchasing an additional 1,999 shares during the period. BlackRock Inc. raised its stake in shares of Agree Realty by 17.7% during the 1st quarter. BlackRock Inc. now owns 12,230,979 shares of the real estate investment trust’s stock valued at $823,266,000 after purchasing an additional 1,840,879 shares during the period. Finally, Swiss National Bank raised its stake in shares of Agree Realty by 3.9% during the 1st quarter. Swiss National Bank now owns 126,582 shares of the real estate investment trust’s stock valued at $8,520,000 after purchasing an additional 4,800 shares during the period.

A number of equities research analysts have commented on ADC shares. Royal Bank of Canada initiated coverage on Agree Realty in a research note on Friday, September 17th. They issued an “outperform” rating and a $80.00 price objective for the company. Zacks Investment Research lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a research note on Monday, September 6th. BTIG Research lifted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, July 14th. Truist upped their target price on shares of Agree Realty from $78.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 30th. Finally, Wells Fargo & Company lifted their price target on Agree Realty from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, June 25th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty currently has an average rating of “Buy” and a consensus price target of $80.36.

Agree Realty Company Profile

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.

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