Jefferies Sticks to Their Hold Rating for Agree Realty Corp

By Jason Carr

In a report released yesterday, Omotayo Okusanya from Jefferies reiterated a Hold rating on Agree Realty Corp (NYSE: ADC), with a price target of $50. The company’s shares closed yesterday at $46.08.

According to TipRanks.com, Okusanya is a 4-star analyst with an average return of 5.5% and a 59.8% success rate. Okusanya covers the Financial sector, focusing on stocks such as Government Properties Income Trust, National Storage Affiliates Trust, and Retail Properties of America Inc.

Agree Realty Corp has an analyst consensus of Moderate Buy, with a price target consensus of $50.50.

Based on Agree Realty Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $26.1 million and quarterly net profit of $14.58 million. In comparison, last year the company earned revenue of $20.22 million and had a net profit of $7.46 million.

Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ADC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for industry leading retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.