Agree Realty (NYSE:ADC) Now Covered by Analysts at JMP Securities

Analysts at JMP Securities began coverage on shares of Agree Realty (NYSE:ADC – Get Rating) in a report issued on Tuesday, Briefing.com reports. The firm set an “outperform” rating and a $81.00 price target on the real estate investment trust’s stock. JMP Securities’ price objective points to a potential upside of 20.93% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. StockNews.com started coverage on Agree Realty in a research report on Thursday, March 31st. They set a “hold” rating for the company. Royal Bank of Canada cut their price objective on Agree Realty from $80.00 to $75.00 in a research report on Thursday, February 24th. Morgan Stanley started coverage on Agree Realty in a research report on Friday, April 1st. They set an “overweight” rating and a $75.00 price objective for the company. Stifel Nicolaus cut their price objective on Agree Realty from $81.00 to $80.50 and set a “buy” rating for the company in a research report on Wednesday, February 23rd. Finally, Raymond James cut their price target on Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating for the company in a report on Thursday, February 24th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $76.71.

ADC opened at $66.98 on Tuesday. The company has a market cap of $5.04 billion, a PE ratio of 37.63, a price-to-earnings-growth ratio of 2.20 and a beta of 0.40. The stock has a 50-day moving average of $66.97 and a 200-day moving average of $67.39. Agree Realty has a 52-week low of $61.62 and a 52-week high of $75.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.11 and a current ratio of 1.04.

Agree Realty (NYSE:ADC – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.03. Agree Realty had a return on equity of 3.94% and a net margin of 35.65%. During the same quarter in the previous year, the firm posted $0.84 earnings per share. On average, research analysts predict that Agree Realty will post 3.85 earnings per share for the current year.

In other Agree Realty news, CEO Joey Agree purchased 1,749 shares of the firm’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were acquired at an average cost of $64.03 per share, for a total transaction of $111,988.47. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 2.00% 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. BlackRock Inc. grew its position in Agree Realty by 4.7% during the 4th quarter. BlackRock Inc. now owns 13,667,653 shares of the real estate investment trust’s stock worth $975,322,000 after acquiring an additional 615,858 shares during the last quarter. Principal Financial Group Inc. boosted its position in Agree Realty by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 5,999,765 shares of the real estate investment trust’s stock valued at $398,144,000 after buying an additional 237,186 shares during the last quarter. State Street Corp boosted its position in Agree Realty by 7.7% in the 4th quarter. State Street Corp now owns 3,861,931 shares of the real estate investment trust’s stock valued at $276,457,000 after buying an additional 276,279 shares during the last quarter. Centersquare Investment Management LLC boosted its position in Agree Realty by 19.3% in the 4th quarter. Centersquare Investment Management LLC now owns 3,590,392 shares of the real estate investment trust’s stock valued at $256,210,000 after buying an additional 581,884 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Agree Realty by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 1,559,894 shares of the real estate investment trust’s stock valued at $111,314,000 after buying an additional 95,179 shares during the last quarter.

About Agree Realty (Get Rating)

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, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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