Agree Realty Co. (NYSE:ADC) – Stock analysts at Jefferies Financial Group upped their Q4 2020 earnings estimates for shares of Agree Realty in a research report issued to clients and investors on Monday, December 21st. Jefferies Financial Group analyst J. Petersen now anticipates that the real estate investment trust will earn $0.83 per share for the quarter, up from their previous estimate of $0.79. Jefferies Financial Group also issued estimates for Agree Realty’s FY2023 earnings at $4.07 EPS.
Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Monday, October 19th. The real estate investment trust reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.40). Agree Realty had a net margin of 39.39% and a return on equity of 4.76%.
A number of other brokerages also recently commented on ADC. Raymond James started coverage on shares of Agree Realty in a research report on Friday, October 2nd. They issued a “strong-buy” rating and a $82.00 price objective for the company. Mizuho started coverage on shares of Agree Realty in a research report on Tuesday, September 29th. They issued a “buy” rating and a $71.00 price objective for the company. Zacks Investment Research downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Monday, September 14th. Finally, BTIG Research assumed coverage on shares of Agree Realty in a research report on Monday, October 12th. They issued a “buy” rating and a $74.00 price objective for the company. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Agree Realty currently has a consensus rating of “Buy” and an average target price of $74.20.
Shares of NYSE:ADC opened at $64.38 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.51. The company has a market cap of $3.56 billion, a P/E ratio of 34.99 and a beta of 0.24. Agree Realty has a 52 week low of $45.23 and a 52 week high of $80.51. The company has a 50-day moving average price of $65.52 and a 200 day moving average price of $65.76.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Wednesday, December 23rd will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.85%. This is an increase from Agree Realty’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Tuesday, December 22nd. Agree Realty’s dividend payout ratio (DPR) is presently 77.92%.
In other Agree Realty news, Director William S. Rubenfaer acquired 1,500 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was acquired at an average cost of $62.99 per share, with a total value of $94,485.00. Following the purchase, the director now directly owns 25,423 shares in the company, valued at approximately $1,601,394.77. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joey Agree acquired 7,235 shares of the company’s stock in a transaction dated Thursday, October 22nd. The shares were acquired at an average cost of $65.58 per share, with a total value of $474,471.30. Following the completion of the purchase, the chief executive officer now owns 380,462 shares in the company, valued at $24,950,697.96. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. RMR Wealth Builders purchased a new stake in Agree Realty in the 2nd quarter worth approximately $28,000. Glenmede Trust Co. NA grew its stake in Agree Realty by 98.2% in the 2nd quarter. Glenmede Trust Co. NA now owns 662 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 328 shares during the period. Private Advisor Group LLC purchased a new stake in Agree Realty in the 2nd quarter worth approximately $92,000. Van ECK Associates Corp grew its stake in Agree Realty by 23.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 305 shares during the period. Finally, Exane Derivatives purchased a new stake in Agree Realty in the 3rd quarter worth approximately $119,000.
About Agree Realty
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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