Agree Realty Corp. (NYSE:ADC)’s share price fell 2.1% during mid-day trading on Wednesday . The company traded as low as $49.09 and last traded at $49.20, with a volume of 101,368 shares. The stock had previously closed at $50.23.

A number of brokerages have recently issued reports on ADC. Jefferies Group raised their target price on shares of Agree Realty Corp. from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, July 14th. Wunderlich raised their target price on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Finally, Stifel Nicolaus began coverage on shares of Agree Realty Corp. in a research report on Thursday, July 7th. They set a “buy” rating and a $54.00 target price on the stock. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Agree Realty Corp. presently has an average rating of “Buy” and an average target price of $45.83.

The company has a market capitalization of $1.16 billion and a PE ratio of 24.34. The firm has a 50 day moving average of $48.28 and a 200 day moving average of $41.43.

Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61. The company had revenue of $21.84 million for the quarter, compared to analyst estimates of $21.27 million. Agree Realty Corp.’s revenue was up 26.9% on a year-over-year basis. On average, analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current year.

Several institutional investors have made changes to their positions in ADC. Rhumbline Advisers raised its position in shares of Agree Realty Corp. by 6.3% in the fourth quarter. Rhumbline Advisers now owns 32,696 shares of the real estate investment trust’s stock worth $1,111,000 after buying an additional 1,929 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of Agree Realty Corp. by 4.1% in the fourth quarter. GSA Capital Partners LLP now owns 35,600 shares of the real estate investment trust’s stock worth $1,210,000 after buying an additional 1,400 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of Agree Realty Corp. by 9.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 38,497 shares of the real estate investment trust’s stock worth $1,309,000 after buying an additional 3,283 shares during the last quarter. First Trust Advisors LP raised its position in shares of Agree Realty Corp. by 65.4% in the fourth quarter. First Trust Advisors LP now owns 46,314 shares of the real estate investment trust’s stock worth $1,574,000 after buying an additional 18,319 shares during the last quarter. Finally, Russell Frank Co raised its position in shares of Agree Realty Corp. by 21.6% in the fourth quarter. Russell Frank Co now owns 78,874 shares of the real estate investment trust’s stock worth $2,704,000 after buying an additional 13,985 shares during the last quarter.

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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.