Wall Street brokerages predict that Agree Realty Corporation (NYSE:ADC) will announce $30.75 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Agree Realty Corporation’s earnings. The highest sales estimate is $32.14 million and the lowest is $29.84 million. Agree Realty Corporation posted sales of $25.30 million in the same quarter last year, which suggests a positive year-over-year growth rate of 21.5%. The firm is scheduled to report its next earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Agree Realty Corporation will report full-year sales of $30.75 million for the current fiscal year, with estimates ranging from $114.00 million to $117.07 million. For the next year, analysts anticipate that the firm will report sales of $133.97 million per share, with estimates ranging from $122.42 million to $143.29 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Agree Realty Corporation.
Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). The company had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. Agree Realty Corporation had a return on equity of 7.52% and a net margin of 49.26%. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 earnings per share.
Several equities analysts have recently commented on ADC shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 price target on shares of Agree Realty Corporation in a research note on Tuesday. Canaccord Genuity started coverage on Agree Realty Corporation in a research note on Tuesday, July 18th. They issued a “buy” rating and a $53.00 price target on the stock. BidaskClub raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. FBR & Co reaffirmed a “buy” rating and issued a $58.00 price target (up previously from $56.00) on shares of Agree Realty Corporation in a research note on Monday, September 18th. Finally, Zacks Investment Research raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $52.13.
Shares of Agree Realty Corporation (ADC) opened at 47.12 on Friday. The company has a market capitalization of $1.34 billion, a P/E ratio of 21.20 and a beta of 0.57. Agree Realty Corporation has a 12 month low of $41.01 and a 12 month high of $51.50. The company has a 50-day moving average price of $49.84 and a 200-day moving average price of $48.34.
The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend was Thursday, September 28th. Agree Realty Corporation’s payout ratio is 99.02%.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Agree Realty Corporation by 3.5% during the 2nd quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock worth $176,299,000 after acquiring an additional 129,983 shares in the last quarter. Vanguard Group Inc. lifted its stake in Agree Realty Corporation by 6.5% during the 2nd quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after acquiring an additional 214,773 shares in the last quarter. Northern Trust Corp lifted its stake in Agree Realty Corporation by 2.5% during the 2nd quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock worth $38,392,000 after acquiring an additional 20,089 shares in the last quarter. State Street Corp lifted its stake in Agree Realty Corporation by 5.9% during the 2nd quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock worth $34,801,000 after acquiring an additional 42,067 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Agree Realty Corporation by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 710,557 shares of the real estate investment trust’s stock worth $32,593,000 after acquiring an additional 8,328 shares in the last quarter. 85.04% of the stock is currently owned by hedge funds and other institutional investors.
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Agree Realty Corporation 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).
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