Raymond James Financial Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC) had its target price lifted by investment analysts at Raymond James Financial from $84.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “strong-buy” rating on the real estate investment trust’s stock. Raymond James Financial’s target price would suggest a potential upside of 12.23% from the stock’s previous close.

ADC has been the topic of a number of other reports. Stifel Nicolaus upped 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. Royal Bank Of Canada boosted their target price on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Wells Fargo & Company raised their price target on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Mizuho upped their price target on Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 11th. Finally, Weiss Ratings raised Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $83.21.

Agree Realty Stock Up 0.5%

Agree Realty stock traded up $0.40 during trading hours on Tuesday, hitting $80.19. The company had a trading volume of 316,791 shares, compared to its average volume of 1,357,155. Agree Realty has a fifty-two week low of $68.98 and a fifty-two week high of $82.08. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $9.63 billion, a P/E ratio of 45.31, a price-to-earnings-growth ratio of 3.08 and a beta of 0.52. The firm’s fifty day moving average is $75.84 and its 200-day moving average is $73.85.

Insider Transactions at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. bought 15,000 shares of Agree Realty stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average cost of $72.18 per share, with a total value of $1,082,700.00. Following the acquisition, the director directly owned 562,606 shares of the company’s stock, valued at $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree purchased 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman 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. Insiders have acquired 39,500 shares of company stock valued at $2,813,680 in the last three months. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ADC. Centersquare Investment Management LLC increased its holdings in shares of Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after purchasing an additional 51,269 shares in the last quarter. Strs Ohio boosted its position in Agree Realty by 79.2% in the 3rd quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock valued at $13,817,000 after buying an additional 85,935 shares during the last quarter. AGP Franklin LLC acquired a new stake in shares of Agree Realty in the 3rd quarter valued at $1,398,000. JPMorgan Chase & Co. raised its position in shares of Agree Realty by 65.6% during the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after acquiring an additional 799,185 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV acquired a new position in shares of Agree Realty during the third quarter valued at $971,000. 97.83% of the stock is owned by 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.