Agree Realty (NYSE:ADC) Shares Pass Above 50 Day Moving Average of $66.39

Shares of Agree Realty Co. (NYSE:ADC) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $66.39 and traded as high as $66.02. Agree Realty shares last traded at $66.01, with a volume of 6,777 shares traded.

Separately, Wells Fargo & Co set a $2,100.00 target price on shares of Amazon.com and gave the stock a “buy” rating in a research note on Monday, March 18th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Agree Realty presently has a consensus rating of “Buy” and an average price target of $66.33.

The firm has a 50-day moving average of $66.32. The firm has a market capitalization of $2.73 billion, a PE ratio of 22.91, a PEG ratio of 3.71 and a beta of 0.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.26). Agree Realty had a return on equity of 5.33% and a net margin of 38.49%. The business had revenue of $42.35 million during the quarter, compared to analysts’ expectations of $43.77 million. As a group, research analysts forecast that Agree Realty Co. will post 3.02 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Thursday, June 27th. This is a boost from Agree Realty’s previous quarterly dividend of $0.56. Agree Realty’s dividend payout ratio is presently 80.00%.

In related news, Director Farris G. Kalil sold 1,034 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $63.70, for a total transaction of $65,865.80. Following the completion of the sale, the director now owns 8,000 shares of the company’s stock, valued at $509,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig Erlich bought 750 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were purchased at an average cost of $67.47 per share, with a total value of $50,602.50. Following the transaction, the director now directly owns 13,023 shares of the company’s stock, valued at $878,661.81. The disclosure for this purchase can be found here. Insiders bought a total of 17,551 shares of company stock valued at $1,142,761 in the last ninety days. Corporate insiders own 3.10% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Agree Realty by 5.2% during the first quarter. BlackRock Inc. now owns 6,062,151 shares of the real estate investment trust’s stock valued at $420,349,000 after acquiring an additional 298,272 shares during the last quarter. Principal Financial Group Inc. lifted its position in Agree Realty by 1.5% during the first quarter. Principal Financial Group Inc. now owns 1,537,863 shares of the real estate investment trust’s stock valued at $106,635,000 after acquiring an additional 22,990 shares during the last quarter. FMR LLC lifted its position in Agree Realty by 172.7% during the fourth quarter. FMR LLC now owns 1,150,010 shares of the real estate investment trust’s stock valued at $67,989,000 after acquiring an additional 728,368 shares during the last quarter. Northern Trust Corp lifted its position in Agree Realty by 1.4% during the fourth quarter. Northern Trust Corp now owns 938,489 shares of the real estate investment trust’s stock valued at $55,484,000 after acquiring an additional 12,690 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Agree Realty by 3.1% during the fourth quarter. Bank of New York Mellon Corp now owns 912,515 shares of the real estate investment trust’s stock valued at $53,948,000 after acquiring an additional 27,577 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Agree Realty Company Profile (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.

See Also: Leveraged Buyout (LBO)

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