Agree Realty Corporation (ADC) is Initiated by FBR & Co. to Outperform, Price Target at $56

Agree Realty Corporation (ADC) was Initiated by FBR & Co. to “Outperform” and the brokerage firm has set the Price Target at $56. FBR & Co. advised their investors in a research report released on Oct 12, 2016.

Many Wall Street Analysts have commented on Agree Realty Corporation. Company shares were Reiterated by Wunderlich on Jul 27, 2016 to “Buy”, Firm has raised the Price Target to $ 54 from a previous price target of $45 .

On the company’s financial health, Agree Realty Corporation reported $0.62 EPS for the quarter, based on the information available during the earnings call on Jul 25, 2016. Analyst had a consensus estimate of $0.62. The company had revenue of $21.84 million for the quarter, compared to analysts expectations of $21.44 million. The company’s revenue was up 26.9% compared to the same quarter last year.

Agree Realty Corporation closed down -0.05 points or -0.11% at $46.25 with 2,63,444 shares getting traded on Tuesday. Post opening the session at $46.24, the shares hit an intraday low of $45.82 and an intraday high of $46.32 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Aug 25, 2015, Joey Agree (CEO) purchased 8,400 shares at $28.96 per share price. According to the SEC, on Aug 24, 2015, William S. Rubenfaer (director) purchased 4,000 shares at $28.86 per share price. On Aug 24, 2015, Richard Agree (Executive Chairman) purchased 15,000 shares at $28.78 per share price, according to the Form-4 filing with the securities and exchange commission.

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) of which it is the sole general partner and in which Agree Realty held a 98.06% interest as of December 31 2014. As of March 9 2015 the Company owned and operated a portfolio of 224 properties located in 38 states and it consists of approximately 4.6 million square feet of gross leasable space. Its portfolio includes 203 net lease properties which contributed approximately 91.6% of annualized base rent and six community shopping centers which generated the remaining 8.4% of annualized base rent. The Company’s primary tenant is Walgreens Boot Alliance Inc. which operates a chain of drugstores in the United States.

Agree Realty Corporation

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