Agree Realty Co. (NYSE:ADC) – Jefferies Group cut their Q4 2017 earnings per share estimates for shares of Agree Realty in a report issued on Tuesday. Jefferies Group analyst G. Hoglund now forecasts that the real estate investment trust will post earnings of $0.69 per share for the quarter, down from their previous forecast of $0.70. Jefferies Group has a “Hold” rating and a $51.00 price target on the stock. Jefferies Group also issued estimates for Agree Realty’s FY2019 earnings at $3.10 EPS.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). The business had revenue of $30.39 million for the quarter, compared to the consensus estimate of $29.48 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 EPS.
ADC has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Wednesday, October 25th. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Wells Fargo & Co upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price target for the company in a research note on Tuesday, December 19th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Agree Realty in a research note on Tuesday, October 24th. Finally, FBR & Co reiterated a “buy” rating and issued a $58.00 target price on shares of Agree Realty in a research note on Tuesday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Agree Realty currently has an average rating of “Buy” and an average target price of $54.63.
Shares of Agree Realty (NYSE:ADC) opened at $49.30 on Thursday. The company has a market cap of $1,428.66, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 3.36 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63. Agree Realty has a one year low of $44.28 and a one year high of $53.65.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were paid a $0.52 dividend. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.08 annualized dividend and a dividend yield of 4.22%. Agree Realty’s dividend payout ratio is presently 101.96%.
In related news, CFO Clayton R. Thelen purchased 1,010 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were bought at an average cost of $49.56 per share, with a total value of $50,055.60. Following the acquisition, the chief financial officer now owns 5,073 shares of the company’s stock, valued at $251,417.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Rakolta, Jr. purchased 3,300 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was bought at an average cost of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Pinebridge Investments L.P. boosted its holdings in shares of Agree Realty by 1.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after buying an additional 34 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of Agree Realty by 4.5% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,776 shares of the real estate investment trust’s stock worth $265,000 after buying an additional 247 shares during the last quarter. Profund Advisors LLC boosted its holdings in shares of Agree Realty by 10.1% in the 2nd quarter. Profund Advisors LLC now owns 4,926 shares of the real estate investment trust’s stock worth $226,000 after buying an additional 453 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Agree Realty by 13.8% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 8,790 shares of the real estate investment trust’s stock worth $431,000 after buying an additional 1,069 shares during the last quarter. Finally, Riverhead Capital Management LLC boosted its holdings in shares of Agree Realty by 114.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after buying an additional 1,263 shares during the last quarter. 87.20% of the stock is currently owned by institutional investors.
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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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