Agree Realty (NYSE:ADC) Cut to “Sell” at Wall Street Zen

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

Several other research analysts have also issued reports on ADC. Mizuho cut their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. KeyCorp upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Wells Fargo & Company raised their target price on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Stifel Nicolaus set a $83.50 target price on Agree Realty in a research report on Tuesday, November 25th. Finally, Royal Bank Of Canada cut their price target on Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday, January 6th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Trading Up 0.1%

ADC opened at $72.63 on Tuesday. Agree Realty has a twelve month low of $68.98 and a twelve month high of $79.65. The company has a fifty day moving average of $72.66 and a 200-day moving average of $72.71. The stock has a market cap of $8.35 billion, a PE ratio of 42.47, a price-to-earnings-growth ratio of 2.58 and a beta of 0.55. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59.

Insider Buying and Selling

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

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in Agree Realty by 408.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 306 shares during the last quarter. Westside Investment Management Inc. increased its stake in shares of Agree Realty by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 215 shares in the last quarter. Wiser Advisor Group LLC bought a new position in shares of Agree Realty in the third quarter worth about $32,000. Cornerstone Planning Group LLC boosted its position in shares of Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 454 shares during the period. Finally, Capital Advisors Ltd. LLC raised its holdings in Agree Realty by 178.6% during the fourth quarter. Capital Advisors Ltd. LLC now owns 546 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 350 shares during the period. 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.