Agree Realty Corporation (NYSE:ADC) Receives Consensus Rating of “Moderate Buy” from Analysts

Agree Realty Corporation (NYSE:ADC) has been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $80.2273.

Several research firms have issued reports on ADC. Truist Financial dropped their price target on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Mizuho dropped their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Evercore ISI cut their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Royal Bank Of Canada reduced their price target on Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research report on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday.

Agree Realty Trading Up 0.6%

ADC opened at $72.48 on Monday. The stock has a market capitalization of $8.33 billion, a P/E ratio of 42.38, a P/E/G ratio of 2.58 and a beta of 0.55. Agree Realty has a 12 month low of $68.98 and a 12 month high of $79.65. The firm’s fifty day simple moving average is $72.69 and its 200 day simple moving average is $72.69. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, January 30th. Agree Realty’s payout ratio is presently 183.63%.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. acquired 15,000 shares of Agree Realty stock in a transaction dated Wednesday, December 24th. The stock was bought at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the purchase, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. This represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard Agree acquired 24,000 shares of the firm’s stock in a transaction dated Friday, January 9th. The stock was bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the acquisition, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 39,500 shares of company stock valued at $2,813,680 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC boosted its holdings in shares of Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 306 shares during the last quarter. Westside Investment Management Inc. raised its position in Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 215 shares in the last quarter. Wiser Advisor Group LLC acquired a new stake in Agree Realty in the third quarter valued at $32,000. Cornerstone Planning Group LLC lifted its stake in Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 454 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in shares of Agree Realty by 178.6% in the 4th quarter. Capital Advisors Ltd. LLC now owns 546 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 350 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.