Wall Street analysts predict that Agree Realty Co. (NYSE:ADC) will post earnings of $0.71 per share for the current quarter, Zacks reports. Five analysts have provided estimates for Agree Realty’s earnings, with estimates ranging from $0.70 to $0.72. Agree Realty posted earnings of $0.65 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.2%. The business is scheduled to announce its next quarterly earnings results after the market closes on Monday, April 23rd.
According to Zacks, analysts expect that Agree Realty will report full year earnings of $2.91 per share for the current fiscal year, with EPS estimates ranging from $2.89 to $2.92. For the next fiscal year, analysts forecast that the firm will post earnings of $3.11 per share, with EPS estimates ranging from $3.06 to $3.17. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Agree Realty.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Thursday, February 22nd. The real estate investment trust reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.02. Agree Realty had a return on equity of 7.22% and a net margin of 49.86%. The firm had revenue of $31.52 million during the quarter, compared to the consensus estimate of $31.46 million. During the same period in the prior year, the company earned $0.64 EPS. The firm’s revenue was up 24.6% compared to the same quarter last year.
Several research analysts recently commented on the company. B. Riley set a $58.00 price objective on Agree Realty and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Zacks Investment Research raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, February 6th. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.00 target price on shares of Agree Realty in a research note on Thursday, January 4th. Finally, Ladenburg Thalmann set a $55.00 target price on Agree Realty and gave the stock a “buy” rating in a research note on Friday, January 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $55.13.
NYSE ADC traded up $0.02 during mid-day trading on Wednesday, hitting $49.68. The stock had a trading volume of 151,150 shares, compared to its average volume of 249,601. Agree Realty has a twelve month low of $43.74 and a twelve month high of $53.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market cap of $1,423.50, a P/E ratio of 18.26, a P/E/G ratio of 3.37 and a beta of 0.39.
The business also recently announced a quarterly dividend, which was paid on Friday, April 13th. Shareholders of record on Friday, March 30th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date was Wednesday, March 28th. Agree Realty’s dividend payout ratio (DPR) is presently 76.47%.
In related news, Director John Rakolta, Jr. bought 12,500 shares of the business’s stock in a transaction on Thursday, March 1st. The stock was acquired at an average cost of $47.19 per share, with a total value of $589,875.00. Following the purchase, the director now directly owns 189,933 shares of the company’s stock, valued at $8,962,938.27. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.70% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the stock. Stifel Financial Corp increased its position in shares of Agree Realty by 12.8% during the 3rd quarter. Stifel Financial Corp now owns 11,912 shares of the real estate investment trust’s stock worth $586,000 after purchasing an additional 1,348 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Agree Realty by 3.5% during the 4th quarter. California Public Employees Retirement System now owns 46,663 shares of the real estate investment trust’s stock worth $2,400,000 after purchasing an additional 1,584 shares during the last quarter. Swiss National Bank increased its position in shares of Agree Realty by 3.4% during the 4th quarter. Swiss National Bank now owns 48,782 shares of the real estate investment trust’s stock worth $2,509,000 after purchasing an additional 1,600 shares during the last quarter. US Bancorp DE increased its position in shares of Agree Realty by 12.4% during the 4th quarter. US Bancorp DE now owns 15,903 shares of the real estate investment trust’s stock worth $818,000 after purchasing an additional 1,750 shares during the last quarter. Finally, AMP Capital Investors Ltd increased its position in shares of Agree Realty by 9.2% during the 4th quarter. AMP Capital Investors Ltd now owns 20,724 shares of the real estate investment trust’s stock worth $1,066,000 after purchasing an additional 1,750 shares during the last quarter. 96.37% of the stock is 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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