Agree Realty (NYSE:ADC) Coverage Initiated at JMP Securities

JMP Securities started coverage on shares of Agree Realty (NYSE:ADC – Get Rating) in a report published on Tuesday morning, The Fly reports. The firm issued an outperform rating and a $81.00 target price on the real estate investment trust’s stock.

Several other analysts have also commented on ADC. Bank of America assumed coverage on shares of Agree Realty in a research report on Tuesday, February 8th. They set a neutral rating and a $72.00 price target for the company. Stifel Nicolaus decreased their price target on shares of Agree Realty from $81.00 to $80.50 and set a buy rating for the company in a research report on Wednesday, February 23rd. Raymond James decreased their price target on shares of Agree Realty from $83.00 to $76.00 and set a strong-buy rating for the company in a research report on Thursday, February 24th. Mizuho decreased their price target on shares of Agree Realty from $75.00 to $69.00 in a research report on Thursday, January 20th. Finally, StockNews.com began coverage on shares of Agree Realty in a research report on Thursday, March 31st. They issued a hold rating for the company. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus target price of $76.71.

Shares of Agree Realty stock opened at $68.38 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 1.04. Agree Realty has a 1 year low of $61.62 and a 1 year high of $75.95. The firm’s 50-day moving average is $67.05 and its two-hundred day moving average is $67.35. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 38.34, a PEG ratio of 2.15 and a beta of 0.40.

Agree Realty (NYSE:ADC – Get Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.03. Agree Realty had a net margin of 35.65% and a return on equity of 3.94%. During the same quarter in the previous year, the business posted $0.84 EPS. On average, equities analysts expect that Agree Realty will post 3.85 earnings per share for the current year.

The firm also recently declared a monthly dividend, which was paid on Friday, May 13th. Shareholders of record on Friday, April 29th were given a dividend of $0.234 per share. The ex-dividend date was Thursday, April 28th. This is a positive change from Agree Realty’s previous monthly dividend of $0.23. This represents a $2.81 dividend on an annualized basis and a yield of 4.11%. Agree Realty’s dividend payout ratio (DPR) is currently 157.87%.

In other Agree Realty news, CEO Joey Agree purchased 1,749 shares of Agree Realty stock in a transaction on Tuesday, March 22nd. The stock was bought at an average cost of $64.03 per share, with a total value of $111,988.47. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ADC. Consolidated Planning Corp acquired a new stake in shares of Agree Realty during the 3rd quarter worth approximately $26,000. North Star Investment Management Corp. acquired a new stake in shares of Agree Realty during the 1st quarter worth approximately $33,000. AGF Investments LLC acquired a new stake in Agree Realty in the 4th quarter valued at $37,000. CWM LLC grew its stake in Agree Realty by 261.5% in the 1st quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 408 shares during the period. Finally, Prospera Financial Services Inc acquired a new stake in Agree Realty in the 1st quarter valued at $38,000.

Agree Realty Company Profile (Get Rating)

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, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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