Barclays Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC) had its price objective upped by equities researchers at Barclays from $78.00 to $81.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target points to a potential upside of 2.30% from the company’s current price.

ADC has been the subject of a number of other reports. Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Evercore lowered their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, December 15th. Weiss Ratings upgraded Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 3rd. Stifel Nicolaus increased their price target on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Royal Bank Of Canada raised their price target on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.59.

Agree Realty Stock Performance

Shares of ADC opened at $79.18 on Friday. The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 44.73, a PEG ratio of 3.08 and a beta of 0.52. Agree Realty has a 12 month low of $68.98 and a 12 month high of $82.08. The firm has a fifty day simple moving average of $75.68 and a 200 day simple moving average of $73.79. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54.

Insider Transactions at Agree Realty

In other news, CFO Peter Coughenour acquired 500 shares of the stock in a transaction dated Friday, January 9th. The shares were bought at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard Agree bought 24,000 shares of the company’s stock in a transaction dated Friday, January 9th. The stock was purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. This trade represents a 17.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 39,500 shares of company stock worth $2,813,680 in the last ninety days. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently bought and sold shares of ADC. Corient Private Wealth LLC lifted its position in shares of Agree Realty by 25.0% in the fourth quarter. Corient Private Wealth LLC now owns 7,298 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 1,458 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Agree Realty by 25.5% during the 4th quarter. Hsbc Holdings PLC now owns 295,693 shares of the real estate investment trust’s stock worth $21,299,000 after acquiring an additional 60,159 shares during the last quarter. Pure Financial Advisors LLC acquired a new position in shares of Agree Realty during the 4th quarter worth approximately $244,000. Compound Planning Inc. raised its stake in Agree Realty by 18.2% in the 4th quarter. Compound Planning Inc. now owns 4,177 shares of the real estate investment trust’s stock valued at $301,000 after acquiring an additional 643 shares during the period. Finally, Invesco Ltd. raised its stake in Agree Realty by 11.0% in the 4th quarter. Invesco Ltd. now owns 468,934 shares of the real estate investment trust’s stock valued at $33,777,000 after acquiring an additional 46,492 shares during the period. 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.