Agree Realty (NYSE:ADC) Given New $72.00 Price Target at Citigroup

Agree Realty (NYSE:ADC) had its price objective lowered by analysts at Citigroup from $82.50 to $72.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup‘s target price suggests a potential upside of 8.00% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Mizuho decreased their target price on shares of Agree Realty from $80.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, September 17th. Weiss Ratings cut Agree Realty from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Barclays dropped their price target on Agree Realty from $85.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Huntington assumed coverage on Agree Realty in a research note on Wednesday, July 15th. They set an “outperform” rating and a $84.00 price objective for the company. Finally, Stifel Nicolaus decreased their price objective on Agree Realty from $81.50 to $76.50 and set a “buy” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

Agree Realty Stock Performance

NYSE:ADC traded down $0.40 during trading hours on Friday, reaching $66.67. 671,447 shares of the company’s stock were exchanged, compared to its average volume of 1,343,913. Agree Realty has a 1-year low of $64.34 and a 1-year high of $82.08. The company has a quick ratio of 0.82, a current ratio of 1.01 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 34.31, a P/E/G ratio of 2.16 and a beta of 0.42. The company has a 50-day moving average of $69.55 and a 200 day moving average of $74.05.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 20th. The real estate investment trust reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.68. The company had revenue of $213.88 million for the quarter, compared to analyst estimates of $211.52 million. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. Agree Realty’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 earnings per share. Research analysts anticipate that Agree Realty will post 4.45 EPS for the current year.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, insider Craig Erlich acquired 1,000 shares of the business’s stock in a transaction on Monday, September 21st. The stock was purchased at an average price of $67.55 per share, for a total transaction of $67,550.00. Following the completion of the transaction, the insider owned 60,388 shares of the company’s stock, valued at $4,079,209.40. The trade was a 1.68% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joey Agree bought 7,360 shares of Agree Realty stock in a transaction on Wednesday, September 16th. The stock was acquired at an average cost of $68.06 per share, with a total value of $500,921.60. Following the acquisition, the chief executive officer owned 682,465 shares of the company’s stock, valued at $46,448,567.90. This trade represents a 1.09% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 48,496 shares of company stock valued at $3,418,670. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Agree Realty in the 2nd quarter valued at about $1,447,551,000. Principal Financial Group Inc. boosted its holdings in Agree Realty by 5.4% during the first quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust’s stock worth $341,180,000 after buying an additional 232,532 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Agree Realty by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,771,018 shares of the real estate investment trust’s stock worth $133,498,000 after buying an additional 89,009 shares in the last quarter. Bank of America Corp DE purchased a new stake in Agree Realty during the second quarter worth about $130,921,000. Finally, Deutsche Bank AG acquired a new position in Agree Realty during the second quarter worth about $104,747,000. 97.83% of the stock is owned by institutional investors and hedge funds.

About Agree Realty

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.