Agree Realty (ADC) Downgraded to Hold at ValuEngine
ValuEngine cut shares of Agree Realty (NYSE:ADC) from a buy rating to a hold rating in a report released on Thursday.
A number of other equities research analysts have also commented on the stock. B. Riley set a $58.00 price objective on shares of Agree Realty and gave the stock a buy rating in a report on Tuesday, November 14th. Zacks Investment Research lowered shares of Agree Realty from a buy rating to a hold rating in a research note on Tuesday, October 31st. FBR & Co reiterated a buy rating and issued a $58.00 price target on shares of Agree Realty in a research note on Tuesday, October 24th. Ladenburg Thalmann Financial Services reiterated a buy rating on shares of Agree Realty in a research note on Tuesday, October 24th. Finally, Stifel Nicolaus reiterated a buy rating and issued a $54.00 price target on shares of Agree Realty in a research note on Tuesday, October 24th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $52.78.
Shares of Agree Realty (ADC) opened at $49.49 on Thursday. Agree Realty has a twelve month low of $43.12 and a twelve month high of $51.50. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The company has a market cap of $1,445.90, a price-to-earnings ratio of 18.68, a P/E/G ratio of 3.65 and a beta of 0.56.
Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. During the same quarter in the previous year, the business earned $0.66 earnings per share. The company’s revenue was up 25.8% on a year-over-year basis. analysts predict that Agree Realty will post 2.71 EPS for the current year.
In other Agree Realty news, Director John Rakolta, Jr. purchased 3,300 shares of the stock in a transaction on Thursday, November 30th. The shares were purchased at an average cost of $49.67 per share, for a total transaction of $163,911.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.40% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of ADC. Riverhead Capital Management LLC grew its position in shares of Agree Realty by 114.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after acquiring an additional 1,263 shares during the period. Bank of Montreal Can grew its position in shares of Agree Realty by 300.8% in the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after acquiring an additional 1,868 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 30.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 600 shares during the period. SG Americas Securities LLC bought a new position in shares of Agree Realty in the 2nd quarter valued at about $127,000. Finally, Victory Capital Management Inc. grew its position in shares of Agree Realty by 154.5% in the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after acquiring an additional 1,815 shares during the period. Hedge funds and other institutional investors own 87.04% of the company’s stock.
Agree Realty Company Profile
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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