Brokerages Anticipate Agree Realty Co. (ADC) Will Announce Quarterly Sales of $33.51 Million

Wall Street brokerages predict that Agree Realty Co. (NYSE:ADC) will post sales of $33.51 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Agree Realty’s earnings. The highest sales estimate is $34.62 million and the lowest is $31.71 million. Agree Realty reported sales of $26.56 million in the same quarter last year, which would indicate a positive year over year growth rate of 26.2%. The firm is expected to report its next earnings report on Monday, April 23rd.

According to Zacks, analysts expect that Agree Realty will report full year sales of $33.51 million for the current financial year, with estimates ranging from $128.13 million to $146.93 million. For the next year, analysts anticipate that the firm will report sales of $161.60 million per share, with estimates ranging from $130.58 million to $171.77 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Agree Realty.

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Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Thursday, February 22nd. The real estate investment trust reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The firm had revenue of $31.52 million during the quarter, compared to analysts’ expectations of $31.46 million. Agree Realty had a net margin of 49.86% and a return on equity of 7.22%. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 earnings per share.

A number of analysts have commented on ADC shares. Zacks Investment Research cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, December 14th. Wells Fargo 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. Jefferies Group set a $51.00 price target on shares of Agree Realty and gave the company a “hold” rating in a research note on Friday, December 15th. Finally, Ladenburg Thalmann Financial Services set a $55.00 target price on shares of 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 assigned a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $55.13.

In related news, Director John Rakolta, Jr. bought 12,500 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was bought at an average price of $47.19 per share, for a total transaction of $589,875.00. Following the purchase, the director now owns 189,933 shares in the company, valued at approximately $8,962,938.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.40% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Delpha Capital Management LLC acquired a new stake in shares of Agree Realty during the 4th quarter worth about $109,000. Victory Capital Management Inc. lifted its stake in shares of Agree Realty by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 1,815 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Agree Realty during the 3rd quarter worth about $185,000. Amalgamated Bank acquired a new stake in shares of Agree Realty during the 4th quarter worth about $211,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Agree Realty during the 4th quarter worth about $213,000. Institutional investors own 96.37% of the company’s stock.

Shares of Agree Realty (NYSE:ADC) traded up $0.42 during mid-day trading on Friday, reaching $47.54. 540,809 shares of the company’s stock were exchanged, compared to its average volume of 250,921. The firm has a market capitalization of $1,380.16, a PE ratio of 22.75, a P/E/G ratio of 3.26 and a beta of 0.45. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.57. Agree Realty has a 12-month low of $43.74 and a 12-month high of $53.65.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend is Wednesday, March 28th. Agree Realty’s dividend payout ratio is presently 99.52%.

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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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