Zacks Investment Research Upgrades Agree Realty (NYSE:ADC) to “Hold”

Agree Realty (NYSE:ADC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, February 6th.

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. “

A number of other research analysts have also recently commented on ADC. Stifel Nicolaus restated a “buy” rating and issued a $54.00 price target on shares of Agree Realty in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Agree Realty in a research report on Tuesday, October 24th. FBR & Co reissued a “buy” rating and set a $58.00 price target on shares of Agree Realty in a research note on Tuesday, October 24th. B. Riley reissued a “buy” rating on shares of Agree Realty in a research note on Wednesday, November 1st. Finally, ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $54.67.

Agree Realty (NYSE:ADC) opened at $45.56 on Tuesday. 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 has a 12-month low of $43.74 and a 12-month high of $53.65. The company has a market capitalization of $1,307.41, a price-to-earnings ratio of 22.33, a P/E/G ratio of 3.09 and a beta of 0.44.

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

Several hedge funds and other institutional investors have recently modified their holdings of ADC. Eagle Asset Management Inc. lifted its holdings in Agree Realty by 130.5% during 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. Vanguard Group Inc. lifted its holdings in Agree Realty by 6.5% during 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. American Century Companies Inc. lifted its holdings in Agree Realty by 40.5% during 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. Dimensional Fund Advisors LP lifted its holdings in Agree Realty by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 382,450 shares of the real estate investment trust’s stock worth $17,543,000 after purchasing an additional 17,231 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Agree Realty by 4.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 116,285 shares of the real estate investment trust’s stock worth $5,334,000 after purchasing an additional 4,796 shares in the last quarter. 87.91% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: “Zacks Investment Research Upgrades Agree Realty (NYSE:ADC) to “Hold”” was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark legislation. The original version of this news story can be viewed at https://www.dispatchtribunal.com/2018/02/16/agree-realty-adc-upgraded-at-zacks-investment-research.html.

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).

Get a free copy of the Zacks research report on Agree Realty (ADC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Agree Realty (NYSE:ADC)

Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply