Agree Realty (NYSE:ADC) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group set a $58.00 price target on Agree Realty and gave the stock a “hold” rating in a report on Monday, September 17th. Stifel Nicolaus increased their price target on Agree Realty from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, September 10th. Wells Fargo & Co set a $63.00 price target on Agree Realty and gave the stock a “buy” rating in a report on Tuesday, September 4th. Finally, SunTrust Banks set a $57.00 price target on Agree Realty and gave the stock a “buy” rating in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $57.63.

Shares of Agree Realty stock opened at $51.46 on Thursday. Agree Realty has a 1 year low of $43.74 and a 1 year high of $57.49. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 3.71 and a beta of 0.23. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.71.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. Agree Realty had a return on equity of 6.53% and a net margin of 43.90%. The company had revenue of $35.71 million during the quarter, compared to the consensus estimate of $35.50 million. On average, research analysts predict that Agree Realty will post 2.86 EPS for the current fiscal year.

In other news, Director John Rakolta, Jr. acquired 13,274 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The stock was acquired at an average cost of $54.80 per share, for a total transaction of $727,415.20. Following the completion of the acquisition, the director now owns 12,000 shares in the company, valued at $657,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard Agree acquired 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were purchased at an average price of $54.77 per share, with a total value of $328,620.00. Following the completion of the acquisition, the insider now owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 19,494 shares of company stock valued at $1,067,618. 3.70% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of ADC. BlackRock Inc. grew its holdings in shares of Agree Realty by 11.3% during the second quarter. BlackRock Inc. now owns 4,991,362 shares of the real estate investment trust’s stock worth $263,394,000 after buying an additional 506,520 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Agree Realty by 46.5% during the first quarter. Principal Financial Group Inc. now owns 1,351,388 shares of the real estate investment trust’s stock worth $64,922,000 after buying an additional 429,009 shares in the last quarter. Millennium Management LLC bought a new position in shares of Agree Realty during the first quarter worth about $12,246,000. Waddell & Reed Financial Inc. bought a new position in shares of Agree Realty during the second quarter worth about $9,251,000. Finally, Heitman Real Estate Securities LLC grew its holdings in shares of Agree Realty by 54.3% during the first quarter. Heitman Real Estate Securities LLC now owns 380,126 shares of the real estate investment trust’s stock worth $19,866,000 after buying an additional 133,776 shares in the last quarter. Institutional investors and hedge funds own 96.31% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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