Several brokerages have updated their recommendations and price targets on shares of Agree Realty Corp. (NYSE: ADC) in the last few weeks:
Agree Realty Corp. (NYSE:ADC) opened at 46.19 on Thursday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 24.60 and a beta of 0.59. Agree Realty Corp. has a 1-year low of $32.63 and a 1-year high of $51.33. The company’s 50 day moving average is $45.31 and its 200 day moving average is $47.10.
Agree Realty Corp. (NYSE:ADC) last announced its quarterly earnings results on Monday, October 24th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. Agree Realty Corp. had a net margin of 47.05% and a return on equity of 7.88%. The business earned $22.30 million during the quarter, compared to analysts’ expectations of $24.21 million. During the same period last year, the business earned $0.60 earnings per share. The business’s revenue for the quarter was up 32.7% on a year-over-year basis. Equities research analysts forecast that Agree Realty Corp. will post $1.83 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Friday, December 23rd were given a dividend of $0.495 per share. The ex-dividend date was Wednesday, December 21st. This is a boost from Agree Realty Corp.’s previous quarterly dividend of $0.48. This represents a $1.98 dividend on an annualized basis and a dividend yield of 4.29%. Agree Realty Corp.’s dividend payout ratio (DPR) is currently 106.45%.
In related news, Director Gene Silverman purchased 2,000 shares of the company’s stock in a transaction on Monday, November 14th. The stock was acquired at an average cost of $41.10 per share, for a total transaction of $82,200.00. Following the completion of the transaction, the director now directly owns 26,113 shares in the company, valued at $1,073,244.30. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Rakolta, Jr. purchased 12,000 shares of the company’s stock in a transaction on Wednesday, October 26th. The shares were bought at an average price of $47.50 per share, with a total value of $570,000.00. Following the completion of the transaction, the director now owns 158,484 shares of the company’s stock, valued at $7,527,990. The disclosure for this purchase can be found here. Company insiders own 5.25% of the company’s stock.
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.