Agree Realty Corporation (ADC) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Agree Realty Corporation (NYSE:ADC) from a buy rating to a hold rating in a report published on Tuesday morning.

According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “

Other equities analysts also recently issued research reports about the stock. BidaskClub raised shares of Agree Realty Corporation from a sell rating to a hold rating in a research note on Wednesday, July 19th. Canaccord Genuity assumed coverage on shares of Agree Realty Corporation in a research note on Tuesday, July 18th. They set a buy rating and a $53.00 target price for the company. Stifel Nicolaus reissued a buy rating and set a $54.00 target price on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. FBR & Co reissued a buy rating and set a $58.00 target price on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Finally, Ladenburg Thalmann Financial Services reissued a buy rating on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $52.13.

Shares of Agree Realty Corporation (NYSE:ADC) opened at $48.01 on Tuesday. The stock has a market cap of $1.41 billion, a PE ratio of 18.18, a P/E/G ratio of 3.55 and a beta of 0.55. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59.

Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). The business had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. Agree Realty Corporation had a return on equity of 7.27% and a net margin of 49.26%. Agree Realty Corporation’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS. equities analysts anticipate that Agree Realty Corporation will post 2.71 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were given a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend was Thursday, September 28th. Agree Realty Corporation’s payout ratio is presently 99.02%.

Several large investors have recently bought and sold shares of the company. Pinebridge Investments L.P. increased its position in shares of Agree Realty Corporation by 1.0% during the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after acquiring an additional 34 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Agree Realty Corporation by 0.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,462 shares of the real estate investment trust’s stock worth $1,122,000 after acquiring an additional 79 shares in the last quarter. Rothschild Asset Management Inc. increased its position in shares of Agree Realty Corporation by 0.3% during the second quarter. Rothschild Asset Management Inc. now owns 30,387 shares of the real estate investment trust’s stock worth $1,394,000 after acquiring an additional 93 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Agree Realty Corporation by 1.1% during the first quarter. Nomura Asset Management Co. Ltd. now owns 16,350 shares of the real estate investment trust’s stock worth $784,000 after acquiring an additional 170 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its position in shares of Agree Realty Corporation by 4.0% during the first quarter. Municipal Employees Retirement System of Michigan now owns 5,980 shares of the real estate investment trust’s stock worth $287,000 after acquiring an additional 230 shares in the last quarter. 83.43% of the stock is owned by institutional investors.

Agree Realty Corporation Company Profile

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

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Analyst Recommendations for Agree Realty Corporation (NYSE:ADC)

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