Agree Realty (NYSE:ADC) Raised to Hold at Wall Street Zen

Agree Realty (NYSE:ADC) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Several other analysts have also issued reports on ADC. Evercore ISI lowered their price target on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, December 15th. Mizuho lowered their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Truist Financial dropped their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Stifel Nicolaus set a $83.50 price target on Agree Realty in a report on Tuesday, November 25th. Finally, KeyCorp lifted their price target on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Stock Performance

NYSE:ADC opened at $73.18 on Monday. The company has a market capitalization of $8.41 billion, a P/E ratio of 42.80, a P/E/G ratio of 2.27 and a beta of 0.55. The business has a fifty day simple moving average of $72.77 and a two-hundred day simple moving average of $72.68. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. Agree Realty has a 1 year low of $68.98 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. During the same quarter in the prior year, the company earned $1.03 EPS. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. On average, analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Insider Transactions at Agree Realty

In related news, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction on Wednesday, December 24th. The stock was acquired at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the transaction, the director directly owned 562,606 shares in the company, valued at $40,608,901.08. This trade represents a 2.74% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard Agree purchased 24,000 shares of the business’s stock in a transaction on Friday, January 9th. The stock was bought at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares in the company, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers boosted its position in Agree Realty by 4.4% during the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after acquiring an additional 1,351 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Agree Realty by 33.5% during the second quarter. Fifth Third Bancorp now owns 6,030 shares of the real estate investment trust’s stock valued at $441,000 after purchasing an additional 1,512 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the period. Jump Financial LLC grew its stake in Agree Realty by 169.9% in the second quarter. Jump Financial LLC now owns 208,252 shares of the real estate investment trust’s stock worth $15,215,000 after purchasing an additional 131,100 shares during the period. Finally, Capital Fund Management S.A. bought a new position in Agree Realty in the second quarter worth $1,414,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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.