Agree Realty (NYSE:ADC) was upgraded by Wells Fargo & Co from a “market perform” rating to an “outperform” rating in a report released on Tuesday, December 19th, MarketBeat reports. The firm presently has a $56.00 target price on the real estate investment trust’s stock. Wells Fargo & Co’s target price suggests a potential upside of 12.95% from the stock’s current price.
ADC has been the topic of several other reports. FBR & Co reaffirmed 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 reaffirmed a “buy” rating on shares of Agree Realty in a report on Tuesday, October 24th. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price objective on shares of Agree Realty in a report on Tuesday, October 24th. B. Riley reaffirmed a “buy” rating on shares of Agree Realty in a report on Wednesday, November 1st. Finally, Jefferies Group set a $51.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a report on Friday, December 15th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Agree Realty presently has a consensus rating of “Buy” and a consensus target price of $54.63.
Shares of Agree Realty (NYSE ADC) traded down $0.17 during midday trading on Tuesday, reaching $49.58. 173,805 shares of the company were exchanged, compared to its average volume of 196,776. Agree Realty has a 12-month low of $44.28 and a 12-month high of $53.65. The stock has a market capitalization of $1,450.00, a P/E ratio of 24.19, a PEG ratio of 3.47 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). The firm had revenue of $30.39 million for the quarter, compared to analysts’ expectations of $29.48 million. Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the company posted $0.66 earnings per share. equities analysts predict that Agree Realty will post 2.7 earnings per share for the current fiscal year.
In other Agree Realty news, CFO Clayton R. Thelen bought 1,010 shares of Agree Realty stock in a transaction dated Monday, December 11th. The stock was acquired at an average cost of $49.56 per share, for a total transaction of $50,055.60. Following the completion of the transaction, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at $251,417.88. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 3,300 shares of Agree Realty stock in a transaction dated Thursday, November 30th. The stock was acquired at an average price of $49.67 per share, with a total value of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Agree Realty by 3.5% in the second quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock valued at $176,299,000 after buying an additional 129,983 shares during the last quarter. Vanguard Group Inc. increased its position in Agree Realty by 6.5% during the second 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 during the last quarter. Northern Trust Corp increased its position in Agree Realty by 2.5% during the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock worth $38,392,000 after purchasing an additional 20,089 shares during the last quarter. State Street Corp increased its position in Agree Realty by 5.9% during the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock worth $34,801,000 after purchasing an additional 42,067 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Agree Realty by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 710,557 shares of the real estate investment trust’s stock worth $32,593,000 after purchasing an additional 8,328 shares during the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.
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Agree Realty Company Profile
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).
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