Agree Realty Corporation (NYSE:ADC) Receives $80.50 Consensus Price Target from Brokerages

Agree Realty Corporation (NYSE:ADC) has earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $80.50.

A number of research firms have issued reports on ADC. Wells Fargo & Company lifted their price target on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Mizuho dropped their price objective on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Royal Bank Of Canada upped their target price on shares of Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research note on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Finally, Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th.

Insider Buying and Selling at Agree Realty

In other news, Chairman Richard Agree purchased 24,000 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 15,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the transaction, the director directly owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 39,500 shares of company stock worth $2,813,680 over the last three months. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently made changes to their positions in the stock. Clearstead Trust LLC grew its position in Agree Realty by 192.1% during the fourth quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 242 shares during the last quarter. Westside Investment Management Inc. grew its holdings in shares of Agree Realty by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 215 shares during the last quarter. Wiser Advisor Group LLC purchased a new position in Agree Realty in the 3rd quarter worth $32,000. Creative Financial Designs Inc. ADV lifted its stake in Agree Realty by 71.1% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 192 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its position in Agree Realty by 163.8% during the fourth quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 285 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of ADC opened at $78.02 on Friday. The business’s fifty day moving average is $72.60 and its 200 day moving average is $72.86. Agree Realty has a 12-month low of $68.98 and a 12-month high of $79.65. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. The stock has a market cap of $9.36 billion, a P/E ratio of 44.08, a P/E/G ratio of 2.77 and a beta of 0.54.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, February 27th. This represents a c) annualized dividend and a yield of 4.0%. Agree Realty’s dividend payout ratio is presently 177.40%.

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.