Agree Realty Corporation (NYSE:ADC) Receives $81.32 Average PT from Analysts

Shares of Agree Realty Corporation (NYSE:ADC) have earned an average recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $82.5909.

Several equities research analysts have issued reports on ADC shares. Wells Fargo & Company lifted their price objective on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Evercore reduced their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Barclays raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday. Stifel Nicolaus lifted their price target on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Finally, UBS Group upped their price target on shares of Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a report on Monday, March 9th.

Insider Activity

In related news, Director John Rakolta, Jr. purchased 15,000 shares of Agree Realty stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the transaction, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard Agree purchased 24,000 shares of the firm’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 completion of the purchase, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Jane Street Group LLC lifted its stake in 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 purchasing an additional 19,948 shares during the last quarter. Bank of Montreal Can increased its stake in Agree Realty by 51.6% during 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 purchasing an additional 8,649 shares during the last quarter. Savant Capital LLC increased its stake in Agree Realty by 7.8% during the second 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 last quarter. Metis Global Partners LLC increased its stake in Agree Realty by 34.1% during the second quarter. Metis Global Partners LLC now owns 18,183 shares of the real estate investment trust’s stock valued at $1,328,000 after purchasing an additional 4,627 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Agree Realty by 2.2% during the first quarter. Summit Investment Advisors Inc. now owns 21,059 shares of the real estate investment trust’s stock worth $1,626,000 after purchasing an additional 461 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Down 0.6%

NYSE:ADC opened at $79.18 on Tuesday. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of 44.73, a price-to-earnings-growth ratio of 3.08 and a beta of 0.52. Agree Realty has a one year low of $68.98 and a one year high of $82.08. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. The business’s 50-day simple moving average is $75.68 and its 200 day simple moving average is $73.79.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, March 31st. Agree Realty’s dividend payout ratio is 177.40%.

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.