Agree Realty (NYSE:ADC) Posts Earnings Results

Agree Realty (NYSE:ADC) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03, FiscalAI reports. Agree Realty had a net margin of 28.44% and a return on equity of 3.79%. The business had revenue of $211.49 million for the quarter, compared to the consensus estimate of $195.73 million.

Agree Realty Stock Down 0.7%

Shares of Agree Realty stock traded down $0.59 on Tuesday, reaching $78.97. 1,152,942 shares of the company were exchanged, compared to its average volume of 1,296,656. The stock’s 50 day moving average price is $78.12 and its 200-day moving average price is $74.74. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. Agree Realty has a 1-year low of $69.56 and a 1-year high of $82.08. The company has a market cap of $9.48 billion, a P/E ratio of 44.61, a price-to-earnings-growth ratio of 2.68 and a beta of 0.53.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th will be given a dividend of $0.267 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.26. This represents a c) dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Thursday, April 30th. Agree Realty’s dividend payout ratio is presently 177.40%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in shares of Agree Realty by 41.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock valued at $204,813,000 after purchasing an additional 826,719 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Agree Realty by 532.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 714,772 shares of the real estate investment trust’s stock valued at $50,777,000 after purchasing an additional 601,689 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Agree Realty by 31.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,627,883 shares of the real estate investment trust’s stock worth $115,645,000 after purchasing an additional 392,400 shares during the last quarter. State Street Corp grew its stake in shares of Agree Realty by 7.1% during the second quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock worth $422,629,000 after purchasing an additional 381,438 shares in the last quarter. Finally, Freestone Grove Partners LP grew its stake in shares of Agree Realty by 117.3% during the fourth quarter. Freestone Grove Partners LP now owns 635,736 shares of the real estate investment trust’s stock worth $45,792,000 after purchasing an additional 343,240 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ADC shares. BMO Capital Markets downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 target price for the company. in a report on Friday. Mizuho raised their price target on Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 11th. Barclays lifted their price objective on Agree Realty from $81.00 to $86.00 and gave the company an “equal weight” rating in a research note on Tuesday. Stifel Nicolaus boosted their price objective on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, UBS Group increased their target price on Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $83.81.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.