Agree Realty (NYSE:ADC) has been assigned a $55.00 target price by research analysts at Ladenburg Thalmann Financial Services in a note issued to investors on Friday. The firm presently has a “buy” rating on the real estate investment trust’s stock. Ladenburg Thalmann Financial Services’ target price points to a potential upside of 11.61% from the stock’s current price.
A number of other brokerages have also recently commented on ADC. B. Riley set a $58.00 price objective on Agree Realty and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Zacks Investment Research cut Agree Realty from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, December 14th. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 target price on shares of Agree Realty in a research note on Thursday, January 4th. Finally, Wells Fargo & Co raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 target price for the company in a research note on Tuesday, December 19th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $54.67.
Shares of Agree Realty (ADC) traded down $0.02 during trading on Friday, hitting $49.28. The company had a trading volume of 226,200 shares, compared to its average volume of 194,542. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. Agree Realty has a twelve month low of $44.28 and a twelve month high of $53.65. The firm has a market capitalization of $1,440.34, a PE ratio of 24.16, a PEG ratio of 3.39 and a beta of 0.56.
In other news, CFO Clayton R. Thelen acquired 1,010 shares of Agree Realty stock in a transaction dated Monday, December 11th. The stock was bought at an average cost of $49.56 per share, with a total value 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Rakolta, Jr. acquired 3,300 shares of Agree Realty stock in a transaction dated Thursday, November 30th. The shares were purchased at an average cost 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 currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Westpac Banking Corp acquired a new position in shares of Agree Realty during the fourth quarter worth about $3,064,000. Schwab Charles Investment Management Inc. boosted its position in shares of Agree Realty by 14.0% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 140,356 shares of the real estate investment trust’s stock worth $7,220,000 after buying an additional 17,281 shares during the period. GSA Capital Partners LLP boosted its position in shares of Agree Realty by 20.8% during the third quarter. GSA Capital Partners LLP now owns 34,515 shares of the real estate investment trust’s stock worth $1,694,000 after buying an additional 5,947 shares during the period. Sterling Capital Management LLC acquired a new position in shares of Agree Realty during the third quarter worth about $989,000. Finally, California Public Employees Retirement System boosted its position in shares of Agree Realty by 7.3% during the third quarter. California Public Employees Retirement System now owns 45,079 shares of the real estate investment trust’s stock worth $2,212,000 after buying an additional 3,079 shares during the period. 87.20% of the stock is owned by institutional investors.
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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