Agree Realty (NYSE:ADC) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Thursday.

Other equities analysts have also recently issued reports about the company. Zacks Investment Research raised 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. FBR & Co restated a “buy” rating and set a $58.00 price target on shares of Agree Realty in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Agree Realty in a research report on Tuesday, October 24th. Stifel Nicolaus restated a “buy” rating and set a $54.00 price target on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, B. Riley set a $58.00 price target on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Agree Realty presently has a consensus rating of “Buy” and an average target price of $52.78.

Agree Realty (NYSE ADC) opened at $51.69 on Thursday. The firm has a market capitalization of $1,500.00, a PE ratio of 19.31, a P/E/G ratio of 3.78 and a beta of 0.56. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. Agree Realty has a 1-year low of $43.66 and a 1-year high of $51.96.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). The firm had revenue of $30.39 million for the quarter, compared to analysts’ expectations of $29.48 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. research analysts anticipate that Agree Realty will post 2.71 earnings per share for the current year.

In other Agree Realty news, CFO Clayton R. Thelen acquired 1,010 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were purchased at an average cost of $49.56 per share, for a total transaction of $50,055.60. Following the transaction, the chief financial officer now owns 5,073 shares in the company, valued at $251,417.88. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Rakolta, Jr. acquired 3,300 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was acquired at an average price of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP grew its position in shares of Agree Realty by 20.8% in the 3rd quarter. GSA Capital Partners LLP now owns 34,515 shares of the real estate investment trust’s stock worth $1,694,000 after buying an additional 5,947 shares during the last quarter. Sterling Capital Management LLC bought a new stake in shares of Agree Realty in the 3rd quarter worth approximately $989,000. California Public Employees Retirement System grew its position in shares of Agree Realty by 7.3% in the 3rd quarter. California Public Employees Retirement System now owns 45,079 shares of the real estate investment trust’s stock worth $2,212,000 after buying an additional 3,079 shares during the last quarter. Boothbay Fund Management LLC grew its position in shares of Agree Realty by 18.6% in the 3rd quarter. Boothbay Fund Management LLC now owns 11,488 shares of the real estate investment trust’s stock worth $564,000 after buying an additional 1,800 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. grew its position in shares of Agree Realty by 2.1% in the 3rd quarter. Uniplan Investment Counsel Inc. now owns 403,356 shares of the real estate investment trust’s stock worth $19,796,000 after buying an additional 8,196 shares during the last quarter. Hedge funds and other institutional investors own 87.22% of the company’s stock.

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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).

Analyst Recommendations for Agree Realty (NYSE:ADC)

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