Agree Realty (NYSE:ADC) received a $55.00 price objective from equities research analysts at Ladenburg Thalmann Financial Services in a research report issued on Friday. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Ladenburg Thalmann Financial Services’ target price would suggest a potential upside of 10.60% from the company’s previous close.
Several other brokerages also recently issued reports on ADC. Wells Fargo & Co raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price target for the company in a report on Tuesday, December 19th. Jefferies Group set a $51.00 target price on Agree Realty and gave the stock a “hold” rating in a report on Friday, December 15th. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, B. Riley set a $58.00 target price on Agree Realty and gave the stock a “buy” rating in a report on Wednesday, January 3rd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Agree Realty currently has a consensus rating of “Buy” and an average price target of $54.67.
Shares of Agree Realty (NYSE:ADC) opened at $49.73 on Friday. Agree Realty has a twelve month low of $44.28 and a twelve month high of $53.65. The stock has a market capitalization of $1,439.76, a price-to-earnings ratio of 24.38, a price-to-earnings-growth ratio of 3.39 and a beta of 0.56. 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 (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 consensus estimate of $0.69 by ($0.27). Agree Realty had a net margin of 40.42% and a return on equity of 6.05%. The business had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. During the same period in the prior year, the business earned $0.66 EPS. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. equities research analysts expect that Agree Realty will post 2.7 earnings per share for the current fiscal year.
In related news, Director John Rakolta, Jr. purchased 3,300 shares of the company’s stock in a transaction that occurred on 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Clayton R. Thelen purchased 1,010 shares of the company’s stock in a transaction that occurred on 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 purchase, the chief financial officer now owns 5,073 shares of the company’s stock, valued at $251,417.88. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in 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 purchasing an additional 129,983 shares in the last quarter. Vanguard Group Inc. raised its stake in Agree Realty by 6.5% in the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock valued at $161,161,000 after purchasing an additional 214,773 shares in the last quarter. Northern Trust Corp raised its stake in Agree Realty by 2.5% in the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock valued at $38,392,000 after purchasing an additional 20,089 shares in the last quarter. State Street Corp raised its stake in Agree Realty by 5.9% in the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock valued at $34,801,000 after purchasing an additional 42,067 shares in the last quarter. Finally, Barings LLC raised its stake in Agree Realty by 34.3% in the third quarter. Barings LLC now owns 542,482 shares of the real estate investment trust’s stock valued at $26,625,000 after purchasing an additional 138,551 shares in the last quarter. 87.20% of the stock is owned by institutional investors and hedge funds.
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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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