Agree Realty Co. (ADC) Expected to Announce Quarterly Sales of $39.61 Million

Brokerages forecast that Agree Realty Co. (NYSE:ADC) will announce sales of $39.61 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Agree Realty’s earnings, with estimates ranging from $37.62 million to $40.55 million. Agree Realty reported sales of $31.53 million in the same quarter last year, which indicates a positive year-over-year growth rate of 25.6%. The firm is scheduled to announce its next quarterly earnings report on Thursday, February 28th.

According to Zacks, analysts expect that Agree Realty will report full year sales of $147.14 million for the current financial year, with estimates ranging from $145.18 million to $148.12 million. For the next fiscal year, analysts forecast that the company will post sales of $178.19 million, with estimates ranging from $151.45 million to $187.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Agree Realty.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, October 22nd. The real estate investment trust reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.10. Agree Realty had a return on equity of 6.46% and a net margin of 44.17%. The company had revenue of $37.31 million for the quarter, compared to analyst estimates of $36.97 million.

Several equities research analysts recently weighed in on the company. Wells Fargo & Co set a $63.00 price target on Agree Realty and gave the company a “buy” rating in a research report on Tuesday, September 4th. Stifel Nicolaus lifted their price target on Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, September 10th. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. SunTrust Banks set a $57.00 price target on Agree Realty and gave the company a “buy” rating in a research report on Tuesday, August 7th. Finally, Jefferies Financial Group set a $58.00 price target on Agree Realty and gave the company a “hold” rating in a research report on Monday, September 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Agree Realty presently has an average rating of “Buy” and a consensus price target of $58.00.

In other Agree Realty news, COO Laith Hermiz sold 3,500 shares of Agree Realty stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $58.00, for a total transaction of $203,000.00. Following the completion of the transaction, the chief operating officer now owns 28,328 shares in the company, valued at $1,643,024. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard Agree acquired 6,000 shares of the stock in a transaction on Thursday, September 6th. The shares were bought at an average price of $54.77 per share, with a total value of $328,620.00. Following the purchase, the insider now directly owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The disclosure for this purchase can be found here. 3.70% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the business. Motley Fool Wealth Management LLC purchased a new position in Agree Realty during the third quarter valued at $203,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Agree Realty in the second quarter worth $217,000. Amalgamated Bank purchased a new position in shares of Agree Realty in the second quarter worth $233,000. Fox Run Management L.L.C. purchased a new position in shares of Agree Realty in the third quarter worth $239,000. Finally, Vident Investment Advisory LLC purchased a new position in shares of Agree Realty in the second quarter worth $242,000. Institutional investors and hedge funds own 93.32% of the company’s stock.

Shares of NYSE ADC traded up $0.49 during mid-day trading on Monday, hitting $59.57. 350,427 shares of the stock traded hands, compared to its average volume of 219,123. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.58. Agree Realty has a 52 week low of $43.74 and a 52 week high of $59.90. The firm has a market capitalization of $2.04 billion, a PE ratio of 21.90, a P/E/G ratio of 4.12 and a beta of 0.08.

Agree Realty Company Profile

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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.

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