Agree Realty (NYSE:ADC) Upgraded to “Hold” at Wall Street Zen

Agree Realty (NYSE:ADC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Other equities research analysts have also recently issued reports about the company. Raymond James Financial upped their price target on Agree Realty from $84.00 to $90.00 and gave the company a “strong-buy” rating in a research report on Tuesday, March 17th. Mizuho raised their price objective on shares of Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, March 11th. UBS Group upped their target price on shares of Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Weiss Ratings cut shares of Agree Realty from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 19th. Finally, Evercore cut their price target on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.21.

Agree Realty Price Performance

Shares of NYSE ADC opened at $76.63 on Friday. 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 fifty-two week low of $68.98 and a fifty-two week high of $82.08. The stock has a market cap of $9.20 billion, a PE ratio of 43.30, a price-to-earnings-growth ratio of 2.58 and a beta of 0.53. The stock has a fifty day moving average of $77.07 and a 200-day moving average of $74.18.

Insider Activity

In other news, CFO Peter Coughenour acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average cost of $69.80 per share, with a total value of $34,900.00. Following the acquisition, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This represents a 2.77% 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 bought 24,000 shares of the company’s 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 transaction, the chairman directly owned 159,855 shares in the company, valued at $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 ninety days, insiders have acquired 24,646 shares of company stock valued at $1,742,031. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its stake in shares of Agree Realty by 80.8% in the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock valued at $309,266,000 after purchasing an additional 1,918,427 shares in the last quarter. Norges Bank purchased a new position in Agree Realty in the 4th quarter worth $116,114,000. Engineers Gate Manager LP lifted its stake in Agree Realty by 3,043.2% in the fourth quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust’s stock worth $85,156,000 after purchasing an additional 1,144,617 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in Agree Realty in the second quarter worth $65,376,000. Finally, JPMorgan Chase & Co. boosted its position in Agree Realty by 41.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock valued at $204,813,000 after buying an additional 826,719 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.