Agree Realty (NYSE:ADC) Price Target Raised to $90.00

Agree Realty (NYSE:ADC) had its price objective lifted by Raymond James Financial from $84.00 to $90.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a strong-buy rating on the real estate investment trust’s stock.

A number of other research analysts have also commented on the company. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Royal Bank Of Canada boosted their target price on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Evercore dropped their price target on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Stifel Nicolaus lifted their price target on shares of Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, Wells Fargo & Company upped their price objective on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $83.21.

Agree Realty Price Performance

ADC stock opened at $78.63 on Tuesday. The stock has a market capitalization of $9.44 billion, a price-to-earnings ratio of 44.42, a PEG ratio of 3.07 and a beta of 0.52. The firm’s 50-day moving average price is $76.36 and its two-hundred day moving average price is $73.97. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty has a 12-month low of $68.98 and a 12-month high of $82.08.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.262 dividend. The ex-dividend date is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 4.0%. Agree Realty’s dividend payout ratio is 177.40%.

Insider Activity

In other Agree Realty news, CFO Peter Coughenour bought 500 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the acquisition, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This represents a 2.77% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard Agree bought 24,000 shares of Agree Realty stock in a transaction dated Friday, January 9th. The stock was acquired at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman directly owned 159,855 shares in the company, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 39,500 shares of company stock worth $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several large investors have recently made changes to their positions in ADC. Vanguard Group Inc. grew its stake in shares of Agree Realty by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust’s stock worth $1,133,114,000 after buying an additional 84,568 shares during the last quarter. Cohen & Steers Inc. raised its stake in Agree Realty by 4.8% during the fourth quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock valued at $1,015,324,000 after buying an additional 649,301 shares during the last quarter. State Street Corp boosted its holdings in Agree Realty by 1.6% in the fourth quarter. State Street Corp now owns 5,884,291 shares of the real estate investment trust’s stock worth $425,350,000 after acquiring an additional 91,766 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Agree Realty by 80.8% in the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock worth $309,266,000 after acquiring an additional 1,918,427 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its stake in shares of Agree Realty by 13.9% in the fourth quarter. Centersquare Investment Management LLC now owns 3,299,172 shares of the real estate investment trust’s stock worth $237,639,000 after acquiring an additional 402,943 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Company Profile

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.