Agree Realty (NYSE:ADC) Given New $81.00 Price Target at Barclays

Agree Realty (NYSE:ADC) had its price target lifted by equities research analysts at Barclays from $78.00 to $81.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price target would suggest a potential upside of 2.39% from the company’s previous close.

ADC has been the topic of a number of other reports. Stifel Nicolaus raised their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Evercore dropped their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Weiss Ratings upgraded shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Finally, Mizuho boosted their price target on shares of Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $82.59.

Agree Realty Stock Down 0.7%

ADC stock traded down $0.55 during midday trading on Friday, hitting $79.11. The company’s stock had a trading volume of 1,083,806 shares, compared to its average volume of 1,364,417. Agree Realty has a 12 month low of $68.98 and a 12 month high of $82.08. The firm’s 50-day moving average is $75.54 and its 200-day moving average is $73.73. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market cap of $9.50 billion, a PE ratio of 44.71, a P/E/G ratio of 3.10 and a beta of 0.52.

Insiders Place Their Bets

In related news, Chairman Richard Agree bought 24,000 shares of the stock in a transaction dated Friday, January 9th. The stock was purchased at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the purchase, the chairman owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Rakolta, Jr. acquired 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The shares were bought at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the acquisition, the director directly owned 562,606 shares in the company, valued at $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 39,500 shares of company stock worth $2,813,680 over the last quarter. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Clearstead Trust LLC increased its holdings in shares of Agree Realty by 192.1% in the fourth quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 242 shares during the last quarter. Westside Investment Management Inc. grew its position in Agree Realty by 100.0% in the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 215 shares during the period. Wiser Advisor Group LLC acquired a new stake in Agree Realty during the third quarter worth $32,000. Clearstead Advisors LLC raised its position in Agree Realty by 163.8% in the fourth quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 285 shares during the period. Finally, Creative Financial Designs Inc. ADV lifted its stake in shares of Agree Realty by 71.1% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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.