Agree Realty (NYSE:ADC) Price Target Raised to $86.00

Agree Realty (NYSE:ADC) had its target price raised by Mizuho from $75.00 to $86.00 in a research note issued to investors on Wednesday,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

ADC has been the subject of a number of other research reports. Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Weiss Ratings raised shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Evercore decreased their price objective on shares of 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 increased their price objective on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Barclays raised their target price on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.59.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $79.18 on Wednesday. The business has a 50-day moving average of $75.68 and a two-hundred day moving average of $73.78. The firm has a market capitalization of $9.50 billion, a PE ratio of 44.73, 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. Agree Realty has a 12 month low of $68.98 and a 12 month high of $82.08.

Agree Realty Dividend Announcement

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

Insider Buying and Selling at Agree Realty

In related news, Director John Rakolta, Jr. purchased 15,000 shares of Agree Realty stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the transaction, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard Agree purchased 24,000 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were bought at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 39,500 shares of company stock worth $2,813,680 in the last ninety days. 1.80% of the stock is owned by insiders.

Institutional Trading of Agree Realty

Hedge funds and other institutional investors have recently bought and sold shares of the company. Evergreen Capital Management LLC lifted its holdings in Agree Realty by 2.7% during the 4th quarter. Evergreen Capital Management LLC now owns 5,946 shares of the real estate investment trust’s stock worth $430,000 after buying an additional 154 shares during the last quarter. AE Wealth Management LLC increased its holdings in shares of Agree Realty by 3.5% in the 3rd quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust’s stock valued at $331,000 after acquiring an additional 156 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Agree Realty by 18.2% in the 3rd quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 171 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Agree Realty by 5.4% during the 3rd quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust’s stock valued at $241,000 after acquiring an additional 174 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its position in shares of Agree Realty by 5.8% during the 3rd quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock valued at $225,000 after acquiring an additional 174 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

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.