Jefferies Group Analysts Give Agree Realty (ADC) a $51.00 Price Target

Agree Realty (NYSE:ADC) received a $51.00 target price from research analysts at Jefferies Group in a note issued to investors on Friday. The firm currently has a “hold” rating on the real estate investment trust’s stock. Jefferies Group’s price objective would indicate a potential downside of 1.33% from the stock’s current price. Jefferies Group also issued estimates for Agree Realty’s Q4 2017 earnings at $0.70 EPS, FY2017 earnings at $2.71 EPS and FY2019 earnings at $3.12 EPS.

A number of other analysts have also commented on ADC. B. Riley reiterated a “buy” rating on shares of Agree Realty in a research note on Wednesday, November 1st. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday. Stifel Nicolaus restated a “buy” rating and set a $54.00 target price on shares of Agree Realty in a research report on Tuesday, August 22nd. FBR & Co restated a “buy” rating and set a $58.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Zacks Investment Research lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $52.89.

Shares of Agree Realty (NYSE:ADC) traded up $0.42 during mid-day trading on Friday, hitting $51.69. 382,321 shares of the stock were exchanged, compared to its average volume of 237,771. Agree Realty has a 52-week low of $43.66 and a 52-week high of $51.96. The company has a market capitalization of $1,497.90, a price-to-earnings ratio of 19.35, a PEG ratio of 3.78 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The business’s revenue was up 25.8% compared to the same quarter last year. sell-side analysts forecast that Agree Realty will post 2.71 EPS for the current year.

In other Agree Realty news, CFO Clayton R. Thelen bought 1,010 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was bought at an average cost 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 approximately $251,417.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Rakolta, Jr. purchased 3,300 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was purchased at an average price of $49.67 per share, with a total value of $163,911.00. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of ADC. Bank of Montreal Can boosted its position in shares of Agree Realty by 300.8% in the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 1,868 shares during the period. Aperio Group LLC boosted its position in shares of Agree Realty by 34.0% in the second quarter. Aperio Group LLC now owns 16,547 shares of the real estate investment trust’s stock worth $759,000 after purchasing an additional 4,202 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in shares of Agree Realty by 32.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 7,900 shares of the real estate investment trust’s stock worth $362,000 after purchasing an additional 1,920 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Agree Realty by 1.2% in the second quarter. Great West Life Assurance Co. Can now owns 49,168 shares of the real estate investment trust’s stock worth $2,253,000 after purchasing an additional 587 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Agree Realty by 30.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 87.22% 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).

Analyst Recommendations for Agree Realty (NYSE:ADC)

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