Agree Realty Corporation (NYSE:ADC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Agree Realty Corporation (NYSE:ADC) has been given an average recommendation of “Moderate Buy” by the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $81.3182.

Several research analysts have commented on the company. Barclays lifted their price target on Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 3rd. Stifel Nicolaus raised their target price on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Evercore cut their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Wells Fargo & Company upped their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Finally, Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th.

Agree Realty Stock Down 0.5%

ADC opened at $80.96 on Tuesday. Agree Realty has a one year low of $68.98 and a one year high of $82.08. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $9.72 billion, a P/E ratio of 45.74, a price-to-earnings-growth ratio of 3.16 and a beta of 0.51. The business’s 50-day simple moving average is $75.08 and its 200-day simple moving average is $73.60.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.262 dividend. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, February 27th. Agree Realty’s payout ratio is 177.40%.

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the acquisition, the director owned 562,606 shares in the company, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Peter Coughenour purchased 500 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were bought at an average price of $69.80 per share, with a total value of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. The trade was a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Agree Realty

Hedge funds have recently modified their holdings of the stock. Centersquare Investment Management LLC lifted its position in shares of Agree Realty by 1.8% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after acquiring an additional 51,269 shares during the period. Strs Ohio grew its holdings in shares of Agree Realty by 79.2% in the 3rd quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock worth $13,817,000 after acquiring an additional 85,935 shares during the period. AGP Franklin LLC acquired a new stake in shares of Agree Realty in the 3rd quarter worth approximately $1,398,000. Cetera Investment Advisers increased its stake in Agree Realty by 4.4% in the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after purchasing an additional 1,351 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in Agree Realty by 7.9% during the third quarter. Thrivent Financial for Lutherans now owns 342,915 shares of the real estate investment trust’s stock worth $24,361,000 after purchasing an additional 25,236 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.