Agree Realty (NYSE:ADC) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a buy rating in a report issued on Monday, Zacks.com reports. The firm currently has $82.00 price target on the real estate investment trust’s stock.

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. “

Several other research analysts also recently commented on ADC. BTIG Research lifted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a buy rating in a report on Wednesday, July 14th. Mizuho lowered Agree Realty from a buy rating to a neutral rating and set a $73.00 price objective on the stock. in a research note on Thursday, June 3rd. Stifel Nicolaus lifted their price objective on Agree Realty from $73.50 to $74.25 and gave the stock a buy rating in a research note on Friday, April 9th. Finally, Wells Fargo & Company lifted their price objective on Agree Realty from $75.00 to $80.00 and gave the stock an overweight rating in a research note on Friday, June 25th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $78.21.

Shares of ADC opened at $74.29 on Monday. The business’s fifty day simple moving average is $71.16. Agree Realty has a 12 month low of $61.27 and a 12 month high of $74.70. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 42.21 and a beta of 0.32. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.49.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Sunday, May 2nd. The real estate investment trust reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.35). Agree Realty had a return on equity of 4.10% and a net margin of 37.05%. Research analysts anticipate that Agree Realty will post 3.5 EPS for the current year.

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 13th. Stockholders of record on Friday, July 30th will be paid a $0.217 dividend. The ex-dividend date of this dividend is Thursday, July 29th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.51%. Agree Realty’s payout ratio is presently 80.50%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in Agree Realty by 17.7% during the first quarter. BlackRock Inc. now owns 12,230,979 shares of the real estate investment trust’s stock valued at $823,266,000 after acquiring an additional 1,840,879 shares during the period. Principal Financial Group Inc. increased its stake in Agree Realty by 78.6% during the first quarter. Principal Financial Group Inc. now owns 5,745,678 shares of the real estate investment trust’s stock valued at $386,741,000 after acquiring an additional 2,529,019 shares during the period. Centersquare Investment Management LLC increased its stake in Agree Realty by 45.4% during the first quarter. Centersquare Investment Management LLC now owns 2,257,962 shares of the real estate investment trust’s stock valued at $151,983,000 after acquiring an additional 704,907 shares during the period. Geode Capital Management LLC increased its stake in Agree Realty by 20.8% during the first quarter. Geode Capital Management LLC now owns 1,269,367 shares of the real estate investment trust’s stock valued at $85,441,000 after acquiring an additional 218,487 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in Agree Realty by 25.3% during the first quarter. Daiwa Securities Group Inc. now owns 1,243,781 shares of the real estate investment trust’s stock valued at $83,719,000 after acquiring an additional 251,355 shares during the period.

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 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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