Agree Realty (NYSE:ADC – Get Free Report) had its target price lowered by Citigroup from $75.00 to $64.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price objective indicates a potential upside of 11.69% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Stifel Nicolaus increased their target price on shares of Agree Realty from $76.00 to $76.50 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. StockNews.com initiated coverage on Agree Realty in a report on Thursday, August 17th. They set a “sell” rating on the stock. Wells Fargo & Company initiated coverage on Agree Realty in a report on Wednesday. They issued an “overweight” rating and a $70.00 price target for the company. Royal Bank of Canada lowered their price objective on Agree Realty from $75.00 to $74.00 and set an “outperform” rating on the stock in a research note on Thursday, August 3rd. Finally, BNP Paribas assumed coverage on Agree Realty in a research note on Wednesday, June 14th. They issued an “outperform” rating and a $80.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $73.45.
View Our Latest Report on Agree Realty
Agree Realty Price Performance
Shares of ADC traded up $0.16 during trading hours on Friday, hitting $57.30. 146,161 shares of the stock were exchanged, compared to its average volume of 937,725. The stock’s 50-day moving average price is $62.81 and its two-hundred day moving average price is $65.21. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 3.28 and a beta of 0.45. Agree Realty has a 12-month low of $56.86 and a 12-month high of $75.71.
Insider Buying and Selling
In related news, CFO Peter Coughenour bought 500 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were bought at an average price of $61.79 per share, with a total value of $30,895.00. Following the completion of the transaction, the chief financial officer now directly owns 6,543 shares of the company’s stock, valued at approximately $404,291.97. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Richard Agree bought 11,751 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was purchased at an average price of $62.95 per share, for a total transaction of $739,725.45. Following the acquisition, the chairman now owns 100,230 shares of the company’s stock, valued at $6,309,478.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Peter Coughenour purchased 500 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average price of $61.79 per share, for a total transaction of $30,895.00. Following the completion of the purchase, the chief financial officer now directly owns 6,543 shares of the company’s stock, valued at $404,291.97. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 53,751 shares of company stock valued at $3,382,660. 1.60% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Agree Realty
Institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Agree Realty by 7,150.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 429 shares during the period. Atticus Wealth Management LLC acquired a new position in shares of Agree Realty in the second quarter valued at approximately $33,000. Parallel Advisors LLC grew its holdings in shares of Agree Realty by 133.2% in the first quarter. Parallel Advisors LLC now owns 506 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 289 shares in the last quarter. Janiczek Wealth Management LLC increased its stake in Agree Realty by 1,044.8% during the 2nd quarter. Janiczek Wealth Management LLC now owns 664 shares of the real estate investment trust’s stock worth $43,000 after buying an additional 606 shares during the period. Finally, State of Wyoming lifted its holdings in Agree Realty by 34.8% during the 2nd quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 172 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.
Agree Realty Company Profile
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2023, the Company owned and operated a portfolio of 2,004 properties, located in 49 states and containing approximately 41.7 million square feet of gross leasable area.
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