Agree Realty (NYSE:ADC) was upgraded by Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a report released on Tuesday. The firm presently has a $56.00 price objective on the real estate investment trust’s stock. Wells Fargo & Company’s target price points to a potential upside of 6.28% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. B. Riley reissued a “buy” rating on shares of Agree Realty in a research report on Wednesday, November 1st. Jefferies Group set a $51.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a research report on Friday. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 price objective on shares of Agree Realty in a research report on Tuesday, October 24th. FBR & Co reissued a “buy” rating and issued a $58.00 price objective on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, ValuEngine cut shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $53.56.

Shares of Agree Realty (NYSE:ADC) opened at $52.69 on Tuesday. The stock has a market cap of $1,510.46, a PE ratio of 19.51, a price-to-earnings-growth ratio of 3.82 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63. Agree Realty has a 52-week low of $43.66 and a 52-week high of $53.09.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.27). The company had revenue of $30.39 million during the quarter, compared to analysts’ expectations of $29.48 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. Agree Realty’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the firm earned $0.66 earnings per share. equities research analysts anticipate that Agree Realty will post 2.71 earnings per share for the current year.

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

Several institutional investors and hedge funds have recently made changes to their positions in ADC. Bank of Montreal Can lifted 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 worth $114,000 after purchasing an additional 1,868 shares during the period. Municipal Employees Retirement System of Michigan lifted its position in shares of Agree Realty by 32.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 7,900 shares of the real estate investment trust’s stock worth $362,000 after purchasing an additional 1,920 shares during the period. Great West Life Assurance Co. Can lifted its position in shares of Agree Realty by 1.2% in the 2nd quarter. Great West Life Assurance Co. Can now owns 49,168 shares of the real estate investment trust’s stock worth $2,253,000 after purchasing an additional 587 shares during the period. Daiwa Securities Group Inc. lifted 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 worth $119,000 after purchasing an additional 600 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Agree Realty by 23.8% in the 2nd quarter. Sei Investments Co. now owns 20,717 shares of the real estate investment trust’s stock worth $950,000 after purchasing an additional 3,977 shares during the period. 87.20% of the stock is owned by hedge funds and other institutional investors.

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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).

Analyst Recommendations for Agree Realty (NYSE:ADC)

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