Agree Realty (ADC) Rating Increased to Hold at Zacks Investment Research

Agree Realty (NYSE:ADC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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. “

Several other equities analysts have also commented on ADC. Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 target price 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. FBR & Co reiterated a “buy” rating and issued a $58.00 target price on shares of Agree Realty in a research note on Tuesday, October 24th. B. Riley restated a “buy” rating on shares of Agree Realty in a research note on Wednesday, November 1st. Finally, ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $54.67.

Agree Realty (NYSE:ADC) traded down $0.42 during trading on Tuesday, reaching $45.47. The company had a trading volume of 169,924 shares, compared to its average volume of 196,450. The firm has a market capitalization of $1,386.29, a price-to-earnings ratio of 22.29, a P/E/G ratio of 3.27 and a beta of 0.44. Agree Realty has a 52-week low of $44.28 and a 52-week high of $53.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.

In related news, CFO Clayton R. Thelen bought 1,010 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was bought at an average price of $49.56 per share, with a total value of $50,055.60. Following the completion of the transaction, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at $251,417.88. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Rakolta, Jr. bought 3,300 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was bought at an average cost of $49.67 per share, with a total value of $163,911.00. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ADC. PGGM Investments purchased a new stake in shares of Agree Realty in the fourth quarter worth about $12,860,000. Vanguard Group Inc. boosted 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 worth $161,161,000 after buying an additional 214,773 shares during the period. Eagle Asset Management Inc. boosted its position in shares of Agree Realty by 130.5% in the third quarter. Eagle Asset Management Inc. now owns 307,458 shares of the real estate investment trust’s stock worth $15,280,000 after buying an additional 174,054 shares during the period. Citadel Advisors LLC boosted its position in shares of Agree Realty by 186.7% in the third quarter. Citadel Advisors LLC now owns 213,759 shares of the real estate investment trust’s stock worth $10,491,000 after buying an additional 139,198 shares during the period. Finally, Barings LLC boosted 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 worth $26,625,000 after buying an additional 138,551 shares during the period. 88.27% of the stock is owned by institutional investors.

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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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