Wall Street analysts forecast that Agree Realty Co. (NYSE:ADC) will report earnings of $0.75 per share for the current quarter, Zacks reports. Five analysts have made estimates for Agree Realty’s earnings, with the lowest EPS estimate coming in at $0.74 and the highest estimate coming in at $0.76. Agree Realty posted earnings per share of $0.71 in the same quarter last year, which would indicate a positive year over year growth rate of 5.6%. The company is scheduled to report its next quarterly earnings report after the market closes on Monday, July 22nd.
According to Zacks, analysts expect that Agree Realty will report full-year earnings of $3.03 per share for the current financial year, with EPS estimates ranging from $2.99 to $3.07. For the next financial year, analysts forecast that the company will report earnings of $3.25 per share, with EPS estimates ranging from $3.13 to $3.34. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that cover Agree Realty.
Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.26). The company had revenue of $42.35 million for the quarter, compared to analyst estimates of $43.77 million. Agree Realty had a return on equity of 5.33% and a net margin of 38.49%.
Several research firms have weighed in on ADC. Wells Fargo & Co upped their target price on Agree Realty from $67.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, March 18th. They noted that the move was a valuation call. Raymond James upped their target price on Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a research note on Monday, March 4th. Finally, Citigroup upped their target price on Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 27th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $66.33.
NYSE:ADC traded down $1.99 during trading hours on Wednesday, reaching $63.61. 233,700 shares of the company were exchanged, compared to its average volume of 311,786. The firm has a market capitalization of $2.72 billion, a P/E ratio of 22.32, a P/E/G ratio of 3.69 and a beta of 0.13. Agree Realty has a 1-year low of $50.72 and a 1-year high of $70.25. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a 50 day moving average of $67.01.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, June 27th. This is a boost from Agree Realty’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.58%. Agree Realty’s dividend payout ratio is presently 77.89%.
In other news, Director John Rakolta, Jr. purchased 6,801 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average cost of $66.19 per share, for a total transaction of $450,158.19. Following the purchase, the director now owns 206,088 shares of the company’s stock, valued at $13,640,964.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Craig Erlich purchased 750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was purchased at an average price of $67.47 per share, with a total value of $50,602.50. Following the completion of the purchase, the director now directly owns 13,023 shares in the company, valued at approximately $878,661.81. The disclosure for this purchase can be found here. 3.10% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. grew its holdings in Agree Realty by 2.1% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 59,384 shares of the real estate investment trust’s stock worth $4,118,000 after acquiring an additional 1,243 shares during the period. First Trust Advisors LP grew its stake in shares of Agree Realty by 126.4% in the 1st quarter. First Trust Advisors LP now owns 55,316 shares of the real estate investment trust’s stock valued at $3,836,000 after buying an additional 30,888 shares during the period. Citigroup Inc. grew its stake in shares of Agree Realty by 84.5% in the 1st quarter. Citigroup Inc. now owns 64,252 shares of the real estate investment trust’s stock valued at $4,456,000 after buying an additional 29,427 shares during the period. Principal Financial Group Inc. grew its stake in shares of Agree Realty by 1.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,537,863 shares of the real estate investment trust’s stock valued at $106,635,000 after buying an additional 22,990 shares during the period. Finally, Centersquare Investment Management LLC grew its stake in shares of Agree Realty by 155.4% in the 1st quarter. Centersquare Investment Management LLC now owns 104,700 shares of the real estate investment trust’s stock valued at $7,260,000 after buying an additional 63,700 shares during the period. Institutional investors own 97.35% of the company’s stock.
Agree Realty Company Profile
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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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