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Agree Realty (ADC) Upgraded to “Buy” by ValuEngine

ValuEngine upgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a buy rating in a research report sent to investors on Monday.

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Separately, Zacks Investment Research cut Agree Realty from a hold rating to a sell rating in a report on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $55.13.

ADC opened at $52.86 on Monday. The company has a market capitalization of $1.54 billion, a P/E ratio of 18.98, a PEG ratio of 3.62 and a beta of 0.34. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.70 and a current ratio of 0.70. Agree Realty has a 1-year low of $43.74 and a 1-year high of $54.16.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, April 23rd. The real estate investment trust reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.18). The firm had revenue of $34.57 million during the quarter, compared to analyst estimates of $33.45 million. Agree Realty had a return on equity of 6.97% and a net margin of 48.16%. equities research analysts forecast that Agree Realty will post 2.91 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 29th will be issued a $0.54 dividend. The ex-dividend date is Thursday, June 28th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.09%. This is a boost from Agree Realty’s previous quarterly dividend of $0.52. Agree Realty’s dividend payout ratio is currently 79.41%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC grew its holdings in shares of Agree Realty by 15.3% in the 4th quarter. William Blair Investment Management LLC now owns 440,961 shares of the real estate investment trust’s stock worth $22,683,000 after acquiring an additional 58,502 shares during the period. BlackRock Inc. lifted its stake in Agree Realty by 5.3% in the 4th quarter. BlackRock Inc. now owns 4,281,810 shares of the real estate investment trust’s stock valued at $220,256,000 after buying an additional 216,896 shares in the last quarter. Prudential Financial Inc. lifted its stake in Agree Realty by 7.7% in the 1st quarter. Prudential Financial Inc. now owns 51,770 shares of the real estate investment trust’s stock valued at $2,487,000 after buying an additional 3,708 shares in the last quarter. California Public Employees Retirement System lifted its stake in Agree Realty by 3.5% in the 4th quarter. California Public Employees Retirement System now owns 46,663 shares of the real estate investment trust’s stock valued at $2,400,000 after buying an additional 1,584 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Agree Realty by 14.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 140,356 shares of the real estate investment trust’s stock valued at $7,220,000 after buying an additional 17,281 shares in the last quarter. Institutional investors and hedge funds own 96.31% of the company’s stock.

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 December 31, 2017, the Company owned and operated a portfolio of 436 properties, located in 43 states and containing approximately 8.7 million square feet of gross leasable space.

To view ValuEngine’s full report, visit ValuEngine’s official website.