Mizuho Issues Positive Forecast for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its price target hoisted by Mizuho from $75.00 to $86.00 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on ADC. Stifel Nicolaus increased their target price on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Royal Bank Of Canada lifted their price target on shares of Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Evercore lowered their price objective on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. Barclays increased their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Finally, Wells Fargo & Company raised their target price 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. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $82.32.

Agree Realty Stock Performance

NYSE:ADC opened at $79.76 on Wednesday. The stock’s 50-day simple moving average is $75.39 and its 200 day simple moving average is $73.69. The firm has a market capitalization of $9.57 billion, a PE ratio of 45.06, a price-to-earnings-growth ratio of 3.13 and a beta of 0.52. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty has a twelve month low of $68.98 and a twelve month high of $82.08.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.262 dividend. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, March 31st. Agree Realty’s dividend payout ratio is 177.40%.

Insider Activity

In other Agree Realty news, Chairman Richard Agree acquired 24,000 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. This trade represents a 17.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Peter Coughenour acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was bought at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 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 Investors Weigh In On Agree Realty

Institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC raised its position in shares of Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after acquiring an additional 19,948 shares during the last quarter. Bank of Montreal Can boosted its holdings in Agree Realty by 51.6% in the second quarter. Bank of Montreal Can now owns 25,406 shares of the real estate investment trust’s stock valued at $1,856,000 after acquiring an additional 8,649 shares during the last quarter. Savant Capital LLC increased its position in Agree Realty by 7.8% during the 2nd quarter. Savant Capital LLC now owns 24,142 shares of the real estate investment trust’s stock valued at $1,764,000 after purchasing an additional 1,737 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Agree Realty by 7.6% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 79,427 shares of the real estate investment trust’s stock worth $5,803,000 after purchasing an additional 5,622 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Agree Realty by 880.2% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 115,904 shares of the real estate investment trust’s stock worth $8,468,000 after purchasing an additional 104,079 shares during the last quarter. Institutional investors 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.