Agree Realty (ADC) Downgraded by ValuEngine to “Hold”
ValuEngine downgraded shares of Agree Realty (NYSE:ADC) from a buy rating to a hold rating in a report released on Thursday.
ADC has been the topic of a number of other research reports. Zacks Investment Research upgraded Agree Realty from a hold rating to a buy rating and set a $55.00 price objective on the stock in a report on Wednesday, October 25th. Stifel Nicolaus reaffirmed a buy rating and set a $54.00 target price on shares of Agree Realty in a research report on Tuesday, August 22nd. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of Agree Realty in a research report on Tuesday, October 24th. FBR & Co reaffirmed a buy rating and set a $58.00 target price (up previously from $56.00) on shares of Agree Realty in a research report on Monday, September 18th. Finally, BidaskClub raised Agree Realty from a hold rating to a buy rating in a research report on Tuesday, August 8th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $52.78.
Agree Realty (NYSE ADC) traded up $0.05 during trading hours on Thursday, reaching $49.49. The company had a trading volume of 168,478 shares, compared to its average volume of 199,833. Agree Realty has a 12-month low of $43.12 and a 12-month high of $51.50. The firm has a market capitalization of $1,430.00, a P/E ratio of 18.69, a P/E/G ratio of 3.66 and a beta of 0.55. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.59.
Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The firm had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. During the same quarter in the prior year, the company posted $0.66 EPS. The company’s quarterly revenue was up 25.8% on a year-over-year basis. equities analysts predict that Agree Realty will post 2.71 earnings per share for the current year.
In related news, Director John Rakolta, Jr. bought 3,300 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was purchased at an average price of $49.67 per share, with a total value of $163,911.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Pinebridge Investments L.P. boosted its position in shares of Agree Realty by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock valued at $158,000 after acquiring an additional 34 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Agree Realty by 0.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,462 shares of the real estate investment trust’s stock valued at $1,122,000 after acquiring an additional 79 shares during the period. Rothschild Asset Management Inc. boosted its position in shares of Agree Realty by 0.3% in the second quarter. Rothschild Asset Management Inc. now owns 30,387 shares of the real estate investment trust’s stock valued at $1,394,000 after acquiring an additional 93 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Agree Realty by 4.5% in the second quarter. Neuberger Berman Group LLC now owns 5,776 shares of the real estate investment trust’s stock valued at $265,000 after acquiring an additional 247 shares during the period. Finally, Profund Advisors LLC boosted its position in shares of Agree Realty by 10.1% in the second quarter. Profund Advisors LLC now owns 4,926 shares of the real estate investment trust’s stock valued at $226,000 after acquiring an additional 453 shares during the period. 87.04% of the stock is owned by institutional investors.
About Agree Realty
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). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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