Raymond James Financial Issues Positive Forecast for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its price objective increased by equities researchers at Raymond James Financial from $84.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “strong-buy” rating on the real estate investment trust’s stock. Raymond James Financial’s target price indicates a potential upside of 12.23% from the stock’s current price.

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

Agree Realty Stock Performance

NYSE ADC traded up $0.40 on Tuesday, hitting $80.19. The stock had a trading volume of 316,791 shares, compared to its average volume of 1,357,155. The company’s 50-day moving average is $75.84 and its two-hundred day moving average is $73.85. Agree Realty has a one year low of $68.98 and a one year high of $82.08. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 45.31, a P/E/G ratio of 3.08 and a beta of 0.52. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54.

Insider Activity

In other Agree Realty news, Director John Rakolta, Jr. purchased 15,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The shares were purchased at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the transaction, the director owned 562,606 shares in the company, valued at $40,608,901.08. This represents a 2.74% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard Agree acquired 24,000 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares in the company, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders 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

A number of hedge funds and other institutional investors have recently modified their holdings of ADC. Vanguard Group Inc. lifted its stake in Agree Realty by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust’s stock valued at $1,133,114,000 after buying an additional 84,568 shares in the last quarter. Cohen & Steers Inc. grew its position in Agree Realty by 4.8% during the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock worth $1,015,324,000 after purchasing an additional 649,301 shares in the last quarter. State Street Corp raised its stake in Agree Realty by 1.6% during the 4th quarter. State Street Corp now owns 5,884,291 shares of the real estate investment trust’s stock valued at $425,350,000 after purchasing an additional 91,766 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of 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 valued at $309,266,000 after purchasing an additional 1,918,427 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its position 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 buying an additional 402,943 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.