Zacks Investment Research upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research note released on Tuesday.

According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “

Other analysts have also issued research reports about the company. B. Riley set a $58.00 target price on Agree Realty and gave the stock a buy rating in a report on Tuesday, November 14th. ValuEngine upgraded Agree Realty from a hold rating to a buy rating in a report on Tuesday, November 14th. FBR & Co restated a buy rating and set a $58.00 target price on shares of Agree Realty in a report on Tuesday, October 24th. Ladenburg Thalmann Financial Services restated a buy rating on shares of Agree Realty in a report on Tuesday, October 24th. Finally, Stifel Nicolaus restated a buy rating and set a $54.00 target price on shares of Agree Realty in a report on Tuesday, October 24th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $54.67.

Shares of Agree Realty (NYSE ADC) opened at $45.29 on Tuesday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $1,320.00, a P/E ratio of 22.09, a P/E/G ratio of 3.13 and a beta of 0.44. Agree Realty has a twelve month low of $44.22 and a twelve month high of $53.65.

In related news, CFO Clayton R. Thelen bought 1,010 shares of the stock in a transaction on Monday, December 11th. The stock was bought at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the completion of the acquisition, the chief financial officer now directly owns 5,073 shares in the company, valued at $251,417.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. purchased 3,300 shares of Agree Realty stock in a transaction dated Thursday, November 30th. The shares were acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Agree Realty by 5.3% during the fourth quarter. BlackRock Inc. now owns 4,281,810 shares of the real estate investment trust’s stock worth $220,256,000 after purchasing an additional 216,896 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Agree Realty by 6.5% during the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after purchasing an additional 214,773 shares in the last quarter. Northern Trust Corp increased its position in shares of Agree Realty by 2.5% during the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock worth $38,392,000 after purchasing an additional 20,089 shares in the last quarter. State Street Corp increased its position in shares of Agree Realty by 5.9% during the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock worth $34,801,000 after purchasing an additional 42,067 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Agree Realty by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 734,334 shares of the real estate investment trust’s stock worth $37,774,000 after purchasing an additional 28,951 shares in the last quarter. 88.27% of the stock is currently owned by institutional investors and hedge funds.

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About Agree Realty

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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