Agree Realty (NYSE:ADC) Price Target Raised to $81.00

Agree Realty (NYSE:ADC) had its target price hoisted by analysts at Barclays from $78.00 to $81.00 in a report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target points to a potential upside of 2.39% from the stock’s current price.

Several other research firms have also recently commented on ADC. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. UBS Group increased their price objective on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company increased their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Weiss Ratings upgraded shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Finally, Royal Bank Of Canada upped their target price on shares of Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average target price of $82.59.

Agree Realty Stock Down 0.7%

Shares of ADC stock traded down $0.55 during trading on Friday, reaching $79.11. The company’s stock had a trading volume of 1,083,806 shares, compared to its average volume of 1,364,417. Agree Realty has a 1-year low of $68.98 and a 1-year high of $82.08. The stock’s 50-day moving average price is $75.54 and its 200 day moving average price is $73.73. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 44.71, a P/E/G ratio of 3.10 and a beta of 0.52. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81.

Insider Buying and Selling

In other Agree Realty news, Director John Rakolta, Jr. purchased 15,000 shares of Agree Realty stock in a transaction on Wednesday, December 24th. The shares were bought at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the purchase, the director directly owned 562,606 shares in the company, valued at $40,608,901.08. This trade represents a 2.74% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter Coughenour purchased 500 shares of the stock in a transaction on Friday, January 9th. The stock was acquired at an average price of $69.80 per share, with a total value of $34,900.00. Following the acquisition, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC increased its position in shares of Agree Realty by 25.0% during the fourth quarter. Corient Private Wealth LLC now owns 7,298 shares of the real estate investment trust’s stock worth $526,000 after acquiring an additional 1,458 shares during the last quarter. Hsbc Holdings PLC grew its stake in Agree Realty by 25.5% during the 4th quarter. Hsbc Holdings PLC now owns 295,693 shares of the real estate investment trust’s stock valued at $21,299,000 after purchasing an additional 60,159 shares in the last quarter. Pure Financial Advisors LLC purchased a new stake in Agree Realty during the 4th quarter worth approximately $244,000. Compound Planning Inc. raised its position in shares of Agree Realty by 18.2% in the 4th quarter. Compound Planning Inc. now owns 4,177 shares of the real estate investment trust’s stock valued at $301,000 after purchasing an additional 643 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Agree Realty by 11.0% during the 4th quarter. Invesco Ltd. now owns 468,934 shares of the real estate investment trust’s stock valued at $33,777,000 after buying an additional 46,492 shares during the last quarter. Hedge funds and other institutional investors 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.