Agree Realty (NYSE:ADC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, March 7th.
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. “
Several other analysts have also recently commented on the company. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. B. Riley set a $58.00 price target on Agree Realty and gave the company a “buy” rating in a report on Friday, February 23rd. Ladenburg Thalmann Financial Services set a $55.00 price target on Agree Realty and gave the company a “buy” rating in a report on Friday, January 19th. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 price target on shares of Agree Realty in a report on Thursday, January 4th. Finally, Jefferies Group set a $51.00 price target on Agree Realty and gave the company a “hold” rating in a report on Friday, December 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. Agree Realty has an average rating of “Buy” and an average target price of $55.13.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Thursday, February 22nd. The real estate investment trust reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Agree Realty had a return on equity of 7.22% and a net margin of 49.86%. The company had revenue of $31.52 million during the quarter, compared to analysts’ expectations of $31.46 million. During the same period last year, the firm earned $0.64 EPS. The firm’s revenue for the quarter was up 24.6% on a year-over-year basis. equities analysts predict that Agree Realty will post 2.91 EPS for the current year.
In other news, Director John Rakolta, Jr. acquired 12,500 shares of Agree Realty stock in a transaction that occurred on Thursday, March 1st. The stock was purchased at an average cost of $47.19 per share, with a total value of $589,875.00. Following the completion of the acquisition, the director now owns 189,933 shares in the company, valued at approximately $8,962,938.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Delpha Capital Management LLC acquired a new position in Agree Realty during the fourth quarter worth $109,000. Victory Capital Management Inc. raised its holdings in Agree Realty by 154.5% during the third quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after purchasing an additional 1,815 shares during the last quarter. Schroder Investment Management Group acquired a new position in Agree Realty during the third quarter worth $185,000. Amalgamated Bank acquired a new position in Agree Realty during the fourth quarter worth $211,000. Finally, Xact Kapitalforvaltning AB acquired a new position in Agree Realty during the fourth quarter worth $213,000. 96.43% of the stock is owned by hedge funds and other institutional investors.
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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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