Agree Realty (NYSE:ADC) Given New $91.00 Price Target at UBS Group

Agree Realty (NYSE:ADC) had its target price raised by UBS Group from $82.00 to $91.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other research analysts have also weighed in on ADC. Evercore lowered their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Barclays raised their price objective 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 upped their target price on shares of Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Wells Fargo & Company increased their target price on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $81.32.

Agree Realty Stock Performance

NYSE:ADC opened at $80.96 on Monday. The company’s 50-day moving average is $75.08 and its two-hundred day moving average is $73.60. Agree Realty has a 1-year low of $68.98 and a 1-year high of $82.08. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $9.72 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 3.16 and a beta of 0.51.

Agree Realty Dividend Announcement

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

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree purchased 24,000 shares of the business’s stock in a transaction on Friday, January 9th. The shares were bought at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Peter Coughenour purchased 500 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were acquired at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the transaction, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This represents a 2.77% 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. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Several large investors have recently added to or reduced their stakes in ADC. Centersquare Investment Management LLC boosted its holdings in Agree Realty by 1.8% in the third 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 purchasing an additional 51,269 shares during the period. Strs Ohio increased its holdings in Agree Realty by 79.2% during the 3rd quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock worth $13,817,000 after purchasing an additional 85,935 shares during the period. AGP Franklin LLC purchased a new stake in Agree Realty during the 3rd quarter worth about $1,398,000. Cetera Investment Advisers raised its position 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, JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 65.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after buying an additional 799,185 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.