Agree Realty (NYSE:ADC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

According to Zacks, “Agree Realty Corp. is a self-administered, self-managed real estate investment trust which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. “

Several other analysts have also weighed in on the stock. Ladenburg Thalmann Financial Services set a $55.00 target price on shares of Agree Realty and gave the company a “buy” rating in a research report on Friday, January 19th. Stifel Nicolaus reiterated a “buy” rating and set a $55.00 target price on shares of Agree Realty in a research report on Thursday, January 4th. B. Riley set a $58.00 target price on shares of Agree Realty and gave the company a “buy” rating in a research report on Wednesday, January 3rd. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Wells Fargo & Co upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 target price on the stock in a research report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. Agree Realty presently has a consensus rating of “Buy” and an average target price of $54.67.

Shares of Agree Realty (ADC) traded up $0.04 during trading on Monday, hitting $45.33. 200,669 shares of the stock traded hands, compared to its average volume of 196,365. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63. Agree Realty has a 1-year low of $43.74 and a 1-year high of $53.65. The firm has a market cap of $1,323.19, a price-to-earnings ratio of 22.22, a P/E/G ratio of 3.12 and a beta of 0.44.

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

A number of large investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd boosted its position in Agree Realty by 13.8% in the third quarter. Dynamic Technology Lab Private Ltd now owns 8,790 shares of the real estate investment trust’s stock valued at $431,000 after buying an additional 1,069 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Agree Realty by 3.2% in the second quarter. UBS Asset Management Americas Inc. now owns 43,719 shares of the real estate investment trust’s stock valued at $2,005,000 after buying an additional 1,341 shares in the last quarter. Stifel Financial Corp boosted its position in Agree Realty by 12.8% in the third quarter. Stifel Financial Corp now owns 11,912 shares of the real estate investment trust’s stock valued at $586,000 after buying an additional 1,348 shares in the last quarter. Voya Investment Management LLC boosted its position in Agree Realty by 13.2% in the second quarter. Voya Investment Management LLC now owns 11,781 shares of the real estate investment trust’s stock valued at $540,000 after buying an additional 1,377 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in Agree Realty by 12.8% in the second quarter. Macquarie Group Ltd. now owns 12,300 shares of the real estate investment trust’s stock valued at $564,000 after buying an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 87.91% of the company’s stock.

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Agree Realty Company Profile

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).

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