Agree Realty (ADC) Rating Increased to Hold at Zacks Investment Research

Agree Realty (NYSE:ADC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “

Other equities analysts also recently issued research reports about the stock. B. Riley set a $58.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, November 14th. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. FBR & Co restated a “buy” rating and set a $58.00 price objective on shares of Agree Realty in a report on Tuesday, October 24th. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Agree Realty in a report on Tuesday, October 24th. Finally, Stifel Nicolaus restated a “buy” rating and set a $54.00 price objective on shares of Agree Realty in a report on Tuesday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $54.50.

Agree Realty (NYSE:ADC) opened at $51.34 on Tuesday. The company has a market cap of $1,502.57, a PE ratio of 25.17, a price-to-earnings-growth ratio of 3.52 and a beta of 0.56. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.59. Agree Realty has a fifty-two week low of $44.28 and a fifty-two week high of $53.65.

Agree Realty (NYSE:ADC) last announced its earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The firm had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. equities analysts predict that Agree Realty will post 2.71 EPS for the current fiscal year.

In other news, Director John Rakolta, Jr. bought 3,300 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were purchased at an average price of $49.67 per share, for a total transaction of $163,911.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Clayton R. Thelen bought 1,010 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the transaction, the chief financial officer now owns 5,073 shares of the company’s stock, valued at $251,417.88. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Eagle Asset Management Inc. boosted its position in Agree Realty by 130.5% in the 3rd quarter. Eagle Asset Management Inc. now owns 307,458 shares of the real estate investment trust’s stock worth $15,280,000 after purchasing an additional 174,054 shares in the last quarter. Kennedy Capital Management Inc. purchased a new stake in Agree Realty in the 2nd quarter worth approximately $4,585,000. Rhumbline Advisers boosted its position in Agree Realty by 4.5% in the 2nd quarter. Rhumbline Advisers now owns 61,371 shares of the real estate investment trust’s stock worth $2,815,000 after purchasing an additional 2,667 shares in the last quarter. Vanguard Group Inc. boosted its position in Agree Realty by 6.5% in the 2nd quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after purchasing an additional 214,773 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Agree Realty by 40.5% in the 3rd quarter. American Century Companies Inc. now owns 319,770 shares of the real estate investment trust’s stock worth $15,694,000 after purchasing an additional 92,146 shares in the last quarter. Hedge funds and other institutional investors own 87.20% of the company’s stock.

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About Agree Realty

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

Analyst Recommendations for Agree Realty (NYSE:ADC)

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