Agree Realty (NYSE:ADC) announced its earnings results on Thursday. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02, Bloomberg Earnings reports. The company had revenue of $31.52 million during the quarter, compared to analysts’ expectations of $31.46 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. Agree Realty’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share.
Shares of Agree Realty (NYSE ADC) opened at $45.92 on Friday. 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 cap of $1,316.47, a PE ratio of 22.51, a P/E/G ratio of 3.11 and a beta of 0.44.
In other news, Director John Rakolta, Jr. acquired 3,300 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was acquired at an average price of $49.67 per share, with a total value of $163,911.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Clayton R. Thelen acquired 1,010 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were purchased at an average cost of $49.56 per share, with a total value of $50,055.60. Following the transaction, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at $251,417.88. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.
ADC has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. B. Riley reissued a “buy” rating on shares of Agree Realty in a research report on Wednesday, November 1st. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Jefferies Group set a $51.00 target price on shares of Agree Realty and gave the company a “hold” rating in a research report on Friday, December 15th. Finally, Wells Fargo & Co raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 target price for the company in a research report on Tuesday, December 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $54.67.
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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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