Agree Realty (NYSE:ADC) Price Target Raised to $82.00 at Truist Financial

Agree Realty (NYSE:ADC) had its price objective increased by Truist Financial from $79.00 to $82.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other brokerages also recently commented on ADC. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Stifel Nicolaus raised their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Royal Bank Of Canada lifted their price target on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Weiss Ratings downgraded shares of Agree Realty from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Finally, UBS Group raised their target price on shares of Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $83.21.

Agree Realty Stock Down 0.5%

Shares of NYSE ADC opened at $75.78 on Monday. The firm has a market cap of $9.10 billion, a P/E ratio of 42.81, a price-to-earnings-growth ratio of 2.96 and a beta of 0.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. Agree Realty has a 1 year low of $68.98 and a 1 year high of $82.08. The firm’s 50 day moving average price is $76.56 and its 200 day moving average price is $74.05.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.262 dividend. The ex-dividend date is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 4.1%. Agree Realty’s payout ratio is currently 177.40%.

Insider Activity at Agree Realty

In other Agree Realty news, Chairman Richard Agree purchased 24,000 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average price 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. This trade represents a 17.67% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. acquired 15,000 shares of the company’s stock in a transaction on Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, for a total transaction 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 ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 39,500 shares of company stock valued at $2,813,680. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Centersquare Investment Management LLC grew its stake 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 worth $205,748,000 after purchasing an additional 51,269 shares in the last quarter. Strs Ohio raised its stake 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 valued at $13,817,000 after buying an additional 85,935 shares in the last quarter. AGP Franklin LLC acquired a new stake in Agree Realty during the third quarter valued at approximately $1,398,000. Cetera Investment Advisers lifted its holdings in Agree Realty by 4.4% during the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock worth $2,340,000 after buying an additional 1,351 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV bought a new position in Agree Realty during the 3rd quarter worth approximately $971,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Company Profile

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.