Agree Realty (NYSE:ADC) was downgraded by equities research analysts at LADENBURG THALM/SH SH from a “buy” rating to a “neutral” rating in a research note issued on Monday, The Fly reports.
Other analysts have also recently issued research reports about the stock. Raymond James upgraded shares of Agree Realty from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, January 8th. Jefferies Financial Group upgraded shares of Agree Realty from a “hold” rating to a “buy” rating and boosted their target price for the company from $60.00 to $70.00 in a report on Thursday, December 13th. Finally, Citigroup boosted their target price on shares of Agree Realty from $57.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, December 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $62.00.
Shares of Agree Realty stock opened at $66.57 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.58. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of 24.47, a P/E/G ratio of 4.32 and a beta of 0.22. Agree Realty has a 12-month low of $43.74 and a 12-month high of $66.71.
Institutional investors have recently made changes to their positions in the stock. Cohen & Steers Inc. lifted its stake in Agree Realty by 28.0% during the 3rd quarter. Cohen & Steers Inc. now owns 4,238,179 shares of the real estate investment trust’s stock valued at $225,132,000 after acquiring an additional 926,427 shares during the period. BlackRock Inc. lifted its stake in Agree Realty by 10.9% during the 4th quarter. BlackRock Inc. now owns 5,763,879 shares of the real estate investment trust’s stock valued at $340,764,000 after acquiring an additional 568,426 shares during the period. Monarch Partners Asset Management LLC bought a new position in Agree Realty during the 4th quarter valued at about $14,608,000. JPMorgan Chase & Co. lifted its stake in Agree Realty by 132.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 430,245 shares of the real estate investment trust’s stock valued at $22,855,000 after acquiring an additional 245,029 shares during the period. Finally, Tributary Capital Management LLC bought a new position in Agree Realty during the 4th quarter valued at about $12,658,000.
About Agree Realty
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2018, the Company owned and operated a portfolio of 520 properties, located in 45 states and containing approximately 10.0 million square feet of gross leasable space.
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