Agree Realty (NYSE:ADC) received a $55.00 target price from stock analysts at Ladenburg Thalmann Financial Services in a research note issued on Friday. The firm currently has a “buy” rating on the real estate investment trust’s stock. Ladenburg Thalmann Financial Services’ target price would suggest a potential upside of 11.61% from the stock’s current price.
Other analysts have also issued research reports about the company. B. Riley reaffirmed a “buy” rating on shares of Agree Realty in a report on Wednesday, November 1st. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Agree Realty in a report on Thursday, January 4th. FBR & Co reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Agree Realty in a report on Tuesday, October 24th. Finally, Zacks Investment Research raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $54.67.
Agree Realty (ADC) traded down $0.02 during trading on Friday, hitting $49.28. The company’s stock had a trading volume of 226,200 shares, compared to its average volume of 194,542. The company has a market cap of $1,440.34, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 3.39 and a beta of 0.56. Agree Realty has a twelve month low of $44.28 and a twelve month high of $53.65. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59.
In related news, Director John Rakolta, Jr. purchased 3,300 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was acquired at an average price of $49.67 per share, with a total value of $163,911.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Clayton R. Thelen purchased 1,010 shares of the business’s stock in a transaction on Monday, December 11th. The shares were bought at an average cost of $49.56 per share, with a total value of $50,055.60. Following the acquisition, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at approximately $251,417.88. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Agree Realty by 3.5% during the second quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock valued at $176,299,000 after purchasing an additional 129,983 shares during the period. Vanguard Group Inc. lifted its position in shares of Agree Realty by 6.5% in the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock valued at $161,161,000 after acquiring an additional 214,773 shares in the last quarter. Northern Trust Corp lifted its position in shares of Agree Realty by 2.5% in the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock valued at $38,392,000 after acquiring an additional 20,089 shares in the last quarter. State Street Corp lifted its position in shares of Agree Realty by 5.9% in the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock valued at $34,801,000 after acquiring an additional 42,067 shares in the last quarter. Finally, Barings LLC lifted its position in shares of Agree Realty by 34.3% in the third quarter. Barings LLC now owns 542,482 shares of the real estate investment trust’s stock valued at $26,625,000 after acquiring an additional 138,551 shares in the last quarter. 87.20% of the stock is owned by institutional investors and hedge funds.
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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