Zacks: Analysts Expect Agree Realty Corporation (ADC) Will Announce Earnings of $0.69 Per Share

Analysts expect Agree Realty Corporation (NYSE:ADC) to announce earnings of $0.69 per share for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Agree Realty Corporation’s earnings. The lowest EPS estimate is $0.68 and the highest is $0.69. Agree Realty Corporation reported earnings per share of $0.68 during the same quarter last year, which would suggest a positive year over year growth rate of 1.5%. The business is scheduled to issue its next earnings results on Monday, October 23rd.

On average, analysts expect that Agree Realty Corporation will report full-year earnings of $2.71 per share for the current fiscal year, with EPS estimates ranging from $2.69 to $2.73. For the next financial year, analysts anticipate that the company will report earnings of $2.92 per share, with EPS estimates ranging from $2.90 to $2.95. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for Agree Realty Corporation.

Agree Realty Corporation (NYSE:ADC) last released its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The firm had revenue of $28.10 million during the quarter, compared to analysts’ expectations of $27.66 million. During the same period last year, the firm posted $0.62 EPS. The business’s revenue was up 28.7% on a year-over-year basis.

Several research analysts have commented on the stock. BidaskClub upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Canaccord Genuity restated a “buy” rating and set a $53.00 price objective on shares of Agree Realty Corporation in a research report on Monday, July 24th. FBR & Co set a $56.00 price objective on shares of Agree Realty Corporation and gave the company a “buy” rating in a research report on Wednesday, June 14th. Finally, Jefferies Group LLC restated a “hold” rating and set a $50.00 price objective on shares of Agree Realty Corporation in a research report on Friday, May 26th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $51.89.

In related news, Director William S. Rubenfaer acquired 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was acquired at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the completion of the acquisition, the director now directly owns 20,101 shares of the company’s stock, valued at approximately $902,936.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of ADC. BlackRock Inc. boosted its stake in shares of Agree Realty Corporation by 3.5% in the second quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock worth $176,299,000 after buying an additional 129,983 shares during the period. Vanguard Group Inc. boosted its stake in shares of Agree Realty Corporation by 6.5% in the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after buying an additional 214,773 shares during the period. Northern Trust Corp boosted its stake in shares of Agree Realty Corporation by 2.5% in the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock worth $38,392,000 after buying an additional 20,089 shares during the period. State Street Corp boosted its stake in shares of Agree Realty Corporation by 9.8% in the first quarter. State Street Corp now owns 716,468 shares of the real estate investment trust’s stock worth $34,363,000 after buying an additional 63,748 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Agree Realty Corporation by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 710,557 shares of the real estate investment trust’s stock worth $32,593,000 after buying an additional 8,328 shares during the period. 81.07% of the stock is currently owned by institutional investors and hedge funds.

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Shares of Agree Realty Corporation (NYSE ADC) opened at 48.51 on Friday. Agree Realty Corporation has a 12-month low of $41.01 and a 12-month high of $51.50. The firm has a market capitalization of $1.38 billion, a PE ratio of 21.82 and a beta of 0.59. The company’s 50-day moving average price is $47.61 and its 200-day moving average price is $47.63.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a $0.505 dividend. This represents a $2.02 dividend on an annualized basis and a yield of 4.16%. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, June 28th. Agree Realty Corporation’s dividend payout ratio is presently 90.58%.

About Agree Realty Corporation

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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Earnings History and Estimates for Agree Realty Corporation (NYSE:ADC)

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