Agree Realty Co. (NYSE:ADC – Get Rating) shares gapped down prior to trading on Tuesday . The stock had previously closed at $74.15, but opened at $72.19. Agree Realty shares last traded at $72.06, with a volume of 308,741 shares.
Analysts Set New Price Targets
ADC has been the subject of a number of research reports. Morgan Stanley decreased their price objective on Agree Realty from $77.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday, November 2nd. Mizuho increased their target price on Agree Realty from $68.00 to $73.00 in a research note on Thursday, December 8th. StockNews.com initiated coverage on Agree Realty in a research note on Wednesday, October 12th. They issued a "sell" rating on the stock. JMP Securities cut their target price on Agree Realty from $82.00 to $75.00 and set a "market outperform" rating on the stock in a research note on Tuesday, October 18th. Finally, Raymond James increased their target price on Agree Realty from $80.00 to $81.00 and gave the stock a "strong-buy" rating in a research note on Monday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.50.
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Agree Realty Price Performance
The company has a debt-to-equity ratio of 0.43, a current ratio of 2.98 and a quick ratio of 2.98. The company has a market capitalization of $6.55 billion, a PE ratio of 40.52, a PEG ratio of 3.09 and a beta of 0.43. The firm has a 50-day moving average of $71.77 and a 200 day moving average of $72.04.
Agree Realty Announces Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, February 14th. Investors of record on Tuesday, January 31st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, January 30th. This represents a $2.88 annualized dividend and a dividend yield of 3.89%. Agree Realty's dividend payout ratio (DPR) is presently 157.38%.
Insider Activity at Agree Realty
In other news, Director John Rakolta, Jr. bought 11,000 shares of the stock in a transaction on Wednesday, December 21st. The shares were bought at an average price of $71.38 per share, with a total value of $785,180.00. Following the completion of the acquisition, the director now owns 268,816 shares in the company, valued at $19,188,086.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Craig Erlich bought 4,898 shares of the stock in a transaction on Thursday, December 29th. The shares were bought at an average price of $16.25 per share, with a total value of $79,592.50. Following the completion of the acquisition, the chief operating officer now owns 4,898 shares in the company, valued at $79,592.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 11,000 shares of the stock in a transaction on Wednesday, December 21st. The stock was purchased at an average cost of $71.38 per share, for a total transaction of $785,180.00. Following the acquisition, the director now owns 268,816 shares of the company's stock, valued at approximately $19,188,086.08. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in ADC. BlackRock Inc. raised its stake in shares of Agree Realty by 6.9% in the third quarter. BlackRock Inc. now owns 15,348,857 shares of the real estate investment trust's stock worth $1,037,276,000 after buying an additional 992,766 shares during the period. Deutsche Bank AG raised its stake in shares of Agree Realty by 45.6% in the second quarter. Deutsche Bank AG now owns 3,128,353 shares of the real estate investment trust's stock worth $225,649,000 after buying an additional 979,274 shares during the period. Vanguard Group Inc. raised its stake in shares of Agree Realty by 6.7% in the third quarter. Vanguard Group Inc. now owns 12,644,530 shares of the real estate investment trust's stock worth $854,518,000 after buying an additional 797,668 shares during the period. Prudential Financial Inc. raised its stake in shares of Agree Realty by 858.4% in the second quarter. Prudential Financial Inc. now owns 838,097 shares of the real estate investment trust's stock worth $61,341,000 after buying an additional 750,647 shares during the period. Finally, Caas Capital Management LP bought a new position in shares of Agree Realty in the third quarter worth about $43,927,000.
Agree Realty Company Profile
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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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