Brokerages predict that Agree Realty Co. (NYSE:ADC) will announce $35.56 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Agree Realty’s earnings, with the lowest sales estimate coming in at $34.76 million and the highest estimate coming in at $36.09 million. Agree Realty reported sales of $28.08 million during the same quarter last year, which indicates a positive year over year growth rate of 26.6%. The firm is expected to report its next earnings report on Monday, July 23rd.
On average, analysts expect that Agree Realty will report full-year sales of $144.93 million for the current fiscal year, with estimates ranging from $137.97 million to $147.11 million. For the next year, analysts expect that the business will report sales of $156.94 million per share, with estimates ranging from $118.00 million to $175.08 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that cover Agree Realty.
Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Monday, April 23rd. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.18). The company had revenue of $34.57 million for the quarter, compared to analysts’ expectations of $33.45 million. Agree Realty had a return on equity of 6.97% and a net margin of 48.16%.
A number of brokerages recently issued reports on ADC. ValuEngine cut Agree Realty from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. B. Riley set a $58.00 price objective on Agree Realty and gave the stock a “buy” rating in a report on Friday, February 23rd. Zacks Investment Research raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, February 6th. Finally, Jefferies Group reissued a “neutral” rating on shares of Agree Realty in a report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $55.13.
Shares of ADC opened at $51.43 on Friday. The stock has a market cap of $1.46 billion, a P/E ratio of 18.91, a P/E/G ratio of 3.46 and a beta of 0.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.70 and a current ratio of 0.70. Agree Realty has a 52-week low of $43.74 and a 52-week high of $53.65.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $2.16 annualized dividend and a dividend yield of 4.20%. This is a boost from Agree Realty’s previous quarterly dividend of $0.52. Agree Realty’s dividend payout ratio (DPR) is presently 76.47%.
In other Agree Realty news, Director John Rakolta, Jr. purchased 12,500 shares of the stock in a transaction on Thursday, March 1st. The shares were purchased at an average price of $47.19 per share, with a total value of $589,875.00. Following the acquisition, the director now directly owns 189,933 shares in the company, valued at approximately $8,962,938.27. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC raised its holdings in shares of Agree Realty by 15.3% in the 4th quarter. William Blair Investment Management LLC now owns 440,961 shares of the real estate investment trust’s stock valued at $22,683,000 after acquiring an additional 58,502 shares in the last quarter. Forsta AP Fonden purchased a new stake in shares of Agree Realty in the 4th quarter valued at about $597,000. Quadrature Capital Ltd purchased a new stake in shares of Agree Realty in the 4th quarter valued at about $332,000. BlackRock Inc. raised its holdings in shares of Agree Realty by 5.3% in the 4th quarter. BlackRock Inc. now owns 4,281,810 shares of the real estate investment trust’s stock valued at $220,256,000 after acquiring an additional 216,896 shares in the last quarter. Finally, PGGM Investments bought a new position in shares of Agree Realty during the 4th quarter valued at about $12,860,000. 96.31% of the stock is currently owned by hedge funds and other institutional investors.
About Agree Realty
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of December 31, 2017, the Company owned and operated a portfolio of 436 properties, located in 43 states and containing approximately 8.7 million square feet of gross leasable space.
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