Zacks Investment Research downgraded shares of Agree Realty (NYSE:ADC) from a hold rating to a sell rating in a research report released on Monday morning.

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. “

A number of other analysts have also recently issued reports on ADC. B. Riley reaffirmed a buy rating on shares of Agree Realty in a research report on Wednesday, November 1st. Stifel Nicolaus reaffirmed a buy rating and issued a $55.00 price objective on shares of Agree Realty in a research report on Thursday, January 4th. Jefferies Group set a $51.00 price objective on Agree Realty and gave the company a hold rating in a research report on Friday, December 15th. Ladenburg Thalmann Financial Services set a $55.00 price target on Agree Realty and gave the stock a buy rating in a report on Friday, January 19th. Finally, FBR & Co reissued a buy rating and set a $58.00 price target on shares of Agree Realty in a report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. Agree Realty presently has a consensus rating of Buy and a consensus price target of $54.67.

Shares of Agree Realty (NYSE ADC) opened at $45.33 on Monday. Agree Realty has a 52-week low of $43.74 and a 52-week high of $53.65. The stock has a market capitalization of $1,323.19, a P/E ratio of 17.09, a PEG ratio of 3.12 and a beta of 0.44. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.

In other news, Director John Rakolta, Jr. purchased 3,300 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was acquired at an average cost of $49.67 per share, with a total value of $163,911.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Clayton R. Thelen purchased 1,010 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were purchased at an average cost of $49.56 per share, with a total value of $50,055.60. Following the completion of the acquisition, the chief financial officer now owns 5,073 shares in the company, valued at approximately $251,417.88. The disclosure for this purchase can be found here. Company insiders own 4.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of ADC. Wells Fargo & Company MN increased its stake in Agree Realty by 58.7% during the 2nd quarter. Wells Fargo & Company MN now owns 71,057 shares of the real estate investment trust’s stock worth $3,259,000 after acquiring an additional 26,269 shares during the period. Ameriprise Financial Inc. increased its stake in Agree Realty by 7.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 154,958 shares of the real estate investment trust’s stock worth $7,111,000 after acquiring an additional 10,855 shares during the period. New York State Common Retirement Fund increased its stake in Agree Realty by 15.4% during the 2nd quarter. New York State Common Retirement Fund now owns 27,700 shares of the real estate investment trust’s stock worth $1,271,000 after acquiring an additional 3,699 shares during the period. UBS Asset Management Americas Inc. increased its stake in Agree Realty by 3.2% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 43,719 shares of the real estate investment trust’s stock worth $2,005,000 after acquiring an additional 1,341 shares during the period. Finally, Vanguard Group Inc. increased its stake in Agree Realty by 6.5% during the 2nd quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after acquiring an additional 214,773 shares during the period. Hedge funds and other institutional investors own 87.91% of the company’s stock.

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About Agree Realty

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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