Mizuho Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC) had its price target increased by Mizuho from $75.00 to $86.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Mizuho’s target price would indicate a potential upside of 6.89% from the stock’s current price.

A number of other brokerages have also recently commented on ADC. Barclays increased their target price on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Weiss Ratings raised Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. UBS Group raised their price objective on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a report on Monday. Finally, Wells Fargo & Company lifted their target price on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $82.32.

Agree Realty Stock Down 0.7%

ADC stock opened at $80.46 on Wednesday. Agree Realty has a 52 week low of $68.98 and a 52 week high of $82.08. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. The firm has a 50-day simple moving average of $75.23 and a 200-day simple moving average of $73.65. The stock has a market capitalization of $9.66 billion, a P/E ratio of 45.46, a P/E/G ratio of 3.15 and a beta of 0.52.

Insider Activity at Agree Realty

In related news, Chairman Richard Agree bought 24,000 shares of the company’s stock in a transaction on Friday, January 9th. The stock was bought at an average cost of $70.67 per share, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Peter Coughenour bought 500 shares of the business’s stock in a transaction on Friday, January 9th. The stock was bought at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at approximately $1,294,371.20. The trade was a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ADC. Jane Street Group LLC raised its stake in Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares during the period. Bank of Montreal Can grew its stake in shares of Agree Realty by 51.6% in the 2nd quarter. Bank of Montreal Can now owns 25,406 shares of the real estate investment trust’s stock valued at $1,856,000 after buying an additional 8,649 shares during the period. Savant Capital LLC increased its holdings in shares of Agree Realty by 7.8% during the 2nd quarter. Savant Capital LLC now owns 24,142 shares of the real estate investment trust’s stock worth $1,764,000 after buying an additional 1,737 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Agree Realty by 7.6% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 79,427 shares of the real estate investment trust’s stock valued at $5,803,000 after buying an additional 5,622 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Agree Realty by 880.2% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 115,904 shares of the real estate investment trust’s stock valued at $8,468,000 after buying an additional 104,079 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.