Agree Realty (NYSE:ADC) Hits New 52-Week High Following Strong Earnings

Agree Realty Co. (NYSE:ADC) hit a new 52-week high on Monday following a better than expected earnings announcement. The stock traded as high as $76.49 and last traded at $76.33, with a volume of 13934 shares traded. The stock had previously closed at $75.95.

The real estate investment trust reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.06. The company had revenue of $48.08 million during the quarter, compared to analysts’ expectations of $47.28 million. Agree Realty had a return on equity of 5.19% and a net margin of 39.76%.

The business also recently disclosed a — dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a dividend yield of 3.1%. Agree Realty’s dividend payout ratio (DPR) is presently 80.00%.

A number of brokerages recently commented on ADC. Berenberg Bank began coverage on Agree Realty in a research note on Tuesday, October 1st. They set a “buy” rating and a $82.00 price objective for the company. Zacks Investment Research raised Agree Realty from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Tuesday, September 24th. ValuEngine cut Agree Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Co reaffirmed a “buy” rating and set a $82.00 price objective on shares of Agree Realty in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Agree Realty currently has a consensus rating of “Buy” and a consensus price target of $75.83.

Several institutional investors have recently made changes to their positions in ADC. Pearl River Capital LLC acquired a new stake in shares of Agree Realty during the second quarter worth $80,000. Point72 Hong Kong Ltd lifted its holdings in Agree Realty by 127.6% during the second quarter. Point72 Hong Kong Ltd now owns 2,076 shares of the real estate investment trust’s stock worth $133,000 after acquiring an additional 1,164 shares in the last quarter. USA Financial Portformulas Corp lifted its holdings in Agree Realty by 8.2% during the second quarter. USA Financial Portformulas Corp now owns 2,905 shares of the real estate investment trust’s stock worth $201,000 after acquiring an additional 221 shares in the last quarter. Landsberg Bennett & Dubbaneh LLC bought a new position in Agree Realty during the third quarter worth about $218,000. Finally, Brinker Capital Inc. bought a new position in Agree Realty during the third quarter worth about $218,000.

The company has a fifty day simple moving average of $73.99 and a two-hundred day simple moving average of $69.10. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $3.23 billion, a P/E ratio of 27.10, a price-to-earnings-growth ratio of 4.24 and a beta of 0.01.

About Agree Realty (NYSE:ADC)

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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.

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