Agree Realty (NYSE:ADC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research note published on Saturday.

Other equities research analysts have also recently issued reports about the stock. Stifel Nicolaus raised 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. Royal Bank Of Canada raised their price objective 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. Raymond James Financial raised their price objective on shares of Agree Realty from $84.00 to $90.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, March 17th. Mizuho raised their price objective on shares of Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 11th. Finally, Weiss Ratings cut shares of Agree Realty from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $83.21.

Agree Realty Price Performance

Agree Realty stock opened at $75.57 on Friday. Agree Realty has a 12-month low of $68.98 and a 12-month high of $82.08. The stock has a market cap of $9.07 billion, a P/E ratio of 42.69, a PEG ratio of 2.58 and a beta of 0.53. The company has a 50-day moving average price of $77.13 and a 200 day moving average price of $74.24. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.262 dividend. The ex-dividend date is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty’s payout ratio is currently 177.40%.

Insiders Place Their Bets

In other Agree Realty news, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction on Friday, January 9th. The shares were bought at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the transaction, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard Agree bought 24,000 shares of Agree Realty stock in a transaction on Friday, January 9th. The stock was acquired at an average price 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. This trade represents a 17.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 24,646 shares of company stock worth $1,742,031 in the last 90 days. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently modified their holdings of the company. Centersquare Investment Management LLC grew its stake in shares of Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after buying an additional 51,269 shares in the last quarter. Strs Ohio grew its stake in shares of Agree Realty by 79.2% in the third quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock valued at $13,817,000 after buying an additional 85,935 shares in the last quarter. AGP Franklin LLC acquired a new stake in shares of Agree Realty in the third quarter valued at $1,398,000. Azzad Asset Management Inc. ADV acquired a new stake in shares of Agree Realty in the third quarter valued at $971,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Agree Realty by 65.6% in the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after buying an additional 799,185 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.