Brokerages predict that Agree Realty Corporation (NYSE:ADC) will announce sales of $30.80 million for the current quarter, Zacks reports. Seven analysts have issued estimates for Agree Realty Corporation’s earnings, with the highest sales estimate coming in at $32.19 million and the lowest estimate coming in at $29.62 million. Agree Realty Corporation posted sales of $25.30 million in the same quarter last year, which would indicate a positive year over year growth rate of 21.7%. The business is expected to report its next quarterly earnings results on Thursday, February 22nd.
On average, analysts expect that Agree Realty Corporation will report full year sales of $30.80 million for the current fiscal year, with estimates ranging from $114.00 million to $117.22 million. For the next fiscal year, analysts forecast that the firm will report sales of $134.48 million per share, with estimates ranging from $121.68 million to $143.46 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Agree Realty Corporation.
Agree Realty Corporation (NYSE:ADC) last released its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). Agree Realty Corporation had a net margin of 49.26% and a return on equity of 7.27%. The business had revenue of $30.39 million for the quarter, compared to the consensus estimate of $29.48 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. Agree Realty Corporation’s revenue for the quarter was up 25.8% on a year-over-year basis.
Several equities research analysts recently weighed in on the stock. BidaskClub raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $53.00 target price on shares of Agree Realty Corporation in a research note on Monday, July 24th. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 target price on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. FBR & Co reaffirmed a “buy” rating and set a $58.00 target price on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Finally, Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $52.13.
Agree Realty Corporation (NYSE:ADC) traded up 0.13% during trading on Friday, hitting $47.26. 165,780 shares of the stock were exchanged. The stock has a market cap of $1.34 billion, a P/E ratio of 21.26 and a beta of 0.57. The stock’s 50 day moving average price is $49.57 and its 200 day moving average price is $48.28. Agree Realty Corporation has a 12 month low of $41.01 and a 12 month high of $51.50.
The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a $0.505 dividend. This represents a $2.02 annualized dividend and a dividend yield of 4.27%. The ex-dividend date was Thursday, September 28th. Agree Realty Corporation’s payout ratio is 99.02%.
Several institutional investors have recently modified their holdings of ADC. UBS Asset Management Americas Inc. boosted its holdings in shares of Agree Realty Corporation by 36.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 42,378 shares of the real estate investment trust’s stock valued at $2,032,000 after buying an additional 11,395 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Agree Realty Corporation in the 1st quarter valued at $102,000. Prudential Financial Inc. boosted its holdings in shares of Agree Realty Corporation by 0.9% in the 1st quarter. Prudential Financial Inc. now owns 44,892 shares of the real estate investment trust’s stock valued at $2,153,000 after buying an additional 410 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of Agree Realty Corporation in the 1st quarter valued at $370,000. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Agree Realty Corporation by 6.2% in the 1st quarter. Neuberger Berman Group LLC now owns 5,529 shares of the real estate investment trust’s stock valued at $265,000 after buying an additional 325 shares in the last quarter. Institutional investors and hedge funds own 83.43% of the company’s stock.
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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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