Agree Realty (NYSE:ADC) announced its quarterly earnings results on Monday. The real estate investment trust reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.35), MarketWatch Earnings reports. Agree Realty had a net margin of 39.39% and a return on equity of 4.76%.
ADC stock traded down $0.01 during mid-day trading on Tuesday, hitting $70.99. The company had a trading volume of 719,370 shares, compared to its average volume of 720,389. Agree Realty has a 12 month low of $54.94 and a 12 month high of $73.00. The stock’s fifty day moving average price is $68.59 and its two-hundred day moving average price is $65.86. The firm has a market cap of $4.51 billion, a PE ratio of 38.59 and a beta of 0.25. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.54 and a current ratio of 0.54.
The business also recently declared a monthly dividend, which will be paid on Friday, May 14th. Investors of record on Friday, April 30th will be given a dividend of $0.217 per share. The ex-dividend date is Thursday, April 29th. This represents a $2.60 annualized dividend and a yield of 3.67%. This is a positive change from Agree Realty’s previous monthly dividend of $0.21. Agree Realty’s dividend payout ratio is presently 84.42%.
In other news, Director John Rakolta, Jr. acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, March 2nd. The shares were acquired at an average cost of $63.50 per share, for a total transaction of $635,000.00. Following the purchase, the director now owns 245,613 shares of the company’s stock, valued at approximately $15,596,425.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joey Agree acquired 7,870 shares of the company’s stock in a transaction on Tuesday, March 2nd. The shares were acquired at an average cost of $63.61 per share, for a total transaction of $500,610.70. Following the completion of the acquisition, the chief executive officer now owns 444,151 shares of the company’s stock, valued at $28,252,445.11. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 19,870 shares of company stock valued at $1,263,111. 2.30% of the stock is currently owned by company insiders.
Several equities analysts recently weighed in on the stock. Mizuho raised their price target on shares of Agree Realty from $67.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, April 19th. Stifel Nicolaus raised their price target on shares of Agree Realty from $73.50 to $74.25 and gave the company a “buy” rating in a research report on Thursday, April 15th. One investment analyst has rated the stock with a hold rating, five have assigned 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 $75.61.
Agree Realty Company Profile
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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