Agree Realty (ADC) Downgraded by Zacks Investment Research

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

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. “

ADC has been the subject of a number of other research reports. ValuEngine raised Agree Realty from a hold rating to a buy rating in a research report on Tuesday, November 14th. Wells Fargo & Co raised Agree Realty from a market perform rating to an outperform rating and set a $56.00 price objective for the company in a research report on Tuesday, December 19th. 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 reaffirmed a buy rating on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Stifel Nicolaus reissued a buy rating and issued a $54.00 target price on shares of Agree Realty in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Agree Realty presently has a consensus rating of Buy and a consensus price target of $54.67.

Agree Realty (NYSE:ADC) opened at $44.75 on Monday. Agree Realty has a 52-week low of $43.74 and a 52-week high of $53.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market capitalization of $1,324.35, a P/E ratio of 21.94, a P/E/G ratio of 3.13 and a beta of 0.44.

In other Agree Realty news, CFO Clayton R. Thelen bought 1,010 shares of Agree Realty stock in a transaction on Monday, December 11th. The stock was acquired at an average price of $49.56 per share, with a total value of $50,055.60. Following the acquisition, the chief financial officer now owns 5,073 shares in the company, valued at $251,417.88. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 3,300 shares of Agree Realty stock in a transaction 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 disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd grew its holdings in shares of Agree Realty by 13.8% in the third quarter. Dynamic Technology Lab Private Ltd now owns 8,790 shares of the real estate investment trust’s stock worth $431,000 after acquiring an additional 1,069 shares during the period. UBS Asset Management Americas Inc. grew its holdings in shares of Agree Realty by 3.2% in the second 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. Stifel Financial Corp grew its holdings in shares of Agree Realty by 12.8% in the third quarter. Stifel Financial Corp now owns 11,912 shares of the real estate investment trust’s stock worth $586,000 after acquiring an additional 1,348 shares during the period. Voya Investment Management LLC grew its holdings in shares of Agree Realty by 13.2% in the second quarter. Voya Investment Management LLC now owns 11,781 shares of the real estate investment trust’s stock worth $540,000 after acquiring an additional 1,377 shares during the period. Finally, Macquarie Group Ltd. grew its holdings in shares of Agree Realty by 12.8% in the second quarter. Macquarie Group Ltd. now owns 12,300 shares of the real estate investment trust’s stock worth $564,000 after acquiring an additional 1,400 shares during the period. 87.91% of the stock is owned by institutional investors and hedge funds.

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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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