Agree Realty (NYSE:ADC) Receives New Coverage from Analysts at StockNews.com

Analysts at StockNews.com initiated coverage on shares of Agree Realty (NYSE:ADC – Get Rating) in a report released on Thursday. The firm set a “sell” rating on the real estate investment trust’s stock.

ADC has been the subject of a number of other research reports. Stifel Nicolaus upped their price objective on Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. Mizuho lowered their target price on shares of Agree Realty from $78.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, March 9th. Finally, JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.23.

Agree Realty Price Performance

NYSE ADC opened at $65.72 on Thursday. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 36.72, a PEG ratio of 3.23 and a beta of 0.46. Agree Realty has a 12 month low of $63.34 and a 12 month high of $80.44. The company’s 50 day moving average is $67.20 and its two-hundred day moving average is $70.02. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.44.

Agree Realty (NYSE:ADC – Get Rating) last announced its quarterly earnings data on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.52). The firm had revenue of $126.62 million during the quarter, compared to analysts’ expectations of $124.55 million. Agree Realty had a return on equity of 4.04% and a net margin of 34.48%. During the same period last year, the company earned $0.97 earnings per share. As a group, research analysts anticipate that Agree Realty will post 3.94 earnings per share for the current year.

Insider Activity at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. purchased 10,495 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was purchased at an average price of $67.85 per share, with a total value of $712,085.75. Following the acquisition, the director now owns 281,768 shares in the company, valued at $19,117,958.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director John Rakolta, Jr. purchased 10,495 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were bought at an average price of $67.85 per share, for a total transaction of $712,085.75. Following the acquisition, the director now owns 281,768 shares of the company’s stock, valued at approximately $19,117,958.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Rakolta, Jr. purchased 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were bought at an average price of $66.45 per share, for a total transaction of $498,375.00. Following the acquisition, the director now directly owns 300,056 shares in the company, valued at approximately $19,938,721.20. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 22,995 shares of company stock valued at $1,542,261. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several hedge funds have recently added to or reduced their stakes in ADC. Credit Suisse AG boosted its holdings in Agree Realty by 3.6% during the 3rd quarter. Credit Suisse AG now owns 126,269 shares of the real estate investment trust’s stock valued at $8,533,000 after acquiring an additional 4,333 shares during the period. Cincinnati Insurance Co. lifted its holdings in Agree Realty by 43.2% during the 3rd quarter. Cincinnati Insurance Co. now owns 222,000 shares of the real estate investment trust’s stock valued at $15,003,000 after buying an additional 67,000 shares in the last quarter. BlackRock Inc. lifted its holdings in Agree Realty by 6.9% during the 3rd quarter. BlackRock Inc. now owns 15,348,857 shares of the real estate investment trust’s stock valued at $1,037,276,000 after buying an additional 992,766 shares in the last quarter. Strs Ohio lifted its holdings in Agree Realty by 138.0% during the 4th quarter. Strs Ohio now owns 269,593 shares of the real estate investment trust’s stock valued at $19,122,000 after buying an additional 156,342 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Agree Realty by 17.7% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 45,788 shares of the real estate investment trust’s stock valued at $3,232,000 after buying an additional 6,877 shares in the last quarter.

About Agree Realty

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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.