Agree Realty (ADC) Downgraded by Zacks Investment Research to “Sell”

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

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 analysts also recently weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and set a $54.00 price target on shares of Agree Realty in a research note on Tuesday, October 24th. Wells Fargo & Co upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price target on the stock in a research note on Tuesday, December 19th. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. B. Riley set a $58.00 price target on Agree Realty and gave the company a “buy” rating in a research note on Tuesday, November 14th. Finally, Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Agree Realty in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, two have assigned 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 $54.67.

Agree Realty (NYSE ADC) traded up $0.04 during trading on Monday, reaching $45.33. The company’s stock had a trading volume of 200,733 shares, compared to its average volume of 196,811. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The stock has a market cap of $1,323.19, a P/E ratio of 22.22, a PEG ratio of 3.12 and a beta of 0.44. Agree Realty has a twelve month low of $43.74 and a twelve month high of $53.65.

In other Agree Realty news, Director John Rakolta, Jr. purchased 3,300 shares of Agree Realty stock in a transaction that occurred on Thursday, November 30th. The stock was bought 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 available at the SEC website. Also, CFO Clayton R. Thelen purchased 1,010 shares of Agree Realty stock in a transaction that occurred on 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 acquisition, 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 owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd acquired a new position in Agree Realty in the 4th quarter worth about $332,000. Ramsey Quantitative Systems acquired a new position in shares of Agree Realty during the fourth quarter valued at approximately $309,000. Capital Analysts LLC raised its holdings in shares of Agree Realty by 1,576.9% during the fourth quarter. Capital Analysts LLC now owns 12,359 shares of the real estate investment trust’s stock valued at $1,195,000 after acquiring an additional 11,622 shares during the last quarter. Citadel Advisors LLC raised its holdings in shares of Agree Realty by 42.0% during the fourth quarter. Citadel Advisors LLC now owns 303,503 shares of the real estate investment trust’s stock valued at $15,612,000 after acquiring an additional 89,744 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of Agree Realty by 14.5% during the fourth quarter. UBS Asset Management Americas Inc. now owns 53,741 shares of the real estate investment trust’s stock valued at $2,764,000 after acquiring an additional 6,793 shares during the last quarter. 87.91% of the stock is owned by 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).

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