Raymond James Financial Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC) had its target price boosted by equities researchers at Raymond James Financial from $84.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “strong-buy” rating on the real estate investment trust’s stock. Raymond James Financial’s price target points to a potential upside of 13.83% from the company’s current price.

ADC has been the subject of several other reports. Royal Bank Of Canada lifted their price objective on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. UBS Group upped their target price on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a report on Monday, March 9th. Mizuho raised their price target on Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, March 11th. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Finally, Evercore decreased their price objective on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.21.

Agree Realty Trading Down 1.2%

Shares of ADC opened at $79.07 on Tuesday. Agree Realty has a twelve month low of $68.98 and a twelve month high of $82.08. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $9.49 billion, a P/E ratio of 44.67, a PEG ratio of 3.11 and a beta of 0.52. The firm’s 50-day moving average is $76.20 and its two-hundred day moving average is $73.93.

Insider Buying and Selling at Agree Realty

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADC. Centersquare Investment Management LLC raised its position in shares of 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 buying an additional 51,269 shares during the last quarter. Strs Ohio boosted its position in Agree Realty by 79.2% during the third 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 last quarter. AGP Franklin LLC acquired a new stake in Agree Realty during the third quarter worth approximately $1,398,000. Cetera Investment Advisers grew 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 worth $2,340,000 after acquiring an additional 1,351 shares during the period. Finally, Azzad Asset Management Inc. ADV purchased a new stake in Agree Realty in the 3rd quarter worth approximately $971,000. Institutional investors and hedge funds 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.