Agree Realty Co. (ADC) Expected to Announce Quarterly Sales of $42.10 Million

Equities analysts expect Agree Realty Co. (NYSE:ADC) to announce $42.10 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Agree Realty’s earnings, with the highest sales estimate coming in at $44.86 million and the lowest estimate coming in at $37.99 million. Agree Realty posted sales of $34.57 million during the same quarter last year, which suggests a positive year over year growth rate of 21.8%. The business is expected to announce its next quarterly earnings report on Monday, April 22nd.

On average, analysts expect that Agree Realty will report full year sales of $182.70 million for the current financial year, with estimates ranging from $151.69 million to $192.53 million. For the next fiscal year, analysts expect that the business will post sales of $209.81 million, with estimates ranging from $153.65 million to $230.41 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Agree Realty.

Agree Realty (NYSE:ADC) last posted its earnings results on Thursday, February 21st. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.36). The business had revenue of $40.70 million during the quarter, compared to analysts’ expectations of $39.47 million. Agree Realty had a return on equity of 6.04% and a net margin of 39.23%.

Several equities research analysts have issued reports on the stock. Citigroup lifted their target price on shares of Agree Realty from $61.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday. Jefferies Financial Group raised shares of Agree Realty from a “hold” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $70.00 in a research report on Thursday, December 13th. LADENBURG THALM/SH SH cut shares of Agree Realty from a “buy” rating to a “neutral” rating in a report on Monday, February 11th. Finally, Raymond James boosted their target price on shares of Agree Realty from $59.00 to $68.00 and gave the company an “outperform” rating in a report on Monday, December 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Agree Realty currently has an average rating of “Buy” and a consensus target price of $63.50.

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in Agree Realty by 10.9% in the fourth quarter. BlackRock Inc. now owns 5,763,879 shares of the real estate investment trust’s stock worth $340,764,000 after purchasing an additional 568,426 shares during the period. Cohen & Steers Inc. boosted its holdings in Agree Realty by 28.0% in the third quarter. Cohen & Steers Inc. now owns 4,238,179 shares of the real estate investment trust’s stock worth $225,132,000 after acquiring an additional 926,427 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Agree Realty by 1.8% in the third quarter. Vanguard Group Inc. now owns 3,391,589 shares of the real estate investment trust’s stock worth $180,161,000 after acquiring an additional 61,342 shares in the last quarter. Vanguard Group Inc lifted its holdings in shares of Agree Realty by 1.8% during the third quarter. Vanguard Group Inc now owns 3,391,589 shares of the real estate investment trust’s stock worth $180,161,000 after purchasing an additional 61,342 shares during the period. Finally, FMR LLC lifted its holdings in shares of Agree Realty by 172.7% during the fourth quarter. FMR LLC now owns 1,150,010 shares of the real estate investment trust’s stock worth $67,989,000 after purchasing an additional 728,368 shares during the period.

Shares of ADC stock traded down $0.26 during trading hours on Tuesday, reaching $65.47. The stock had a trading volume of 899,425 shares, compared to its average volume of 264,497. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.58. Agree Realty has a 12 month low of $46.27 and a 12 month high of $66.71. The firm has a market capitalization of $2.26 billion, a P/E ratio of 22.97, a price-to-earnings-growth ratio of 4.26 and a beta of 0.22.

The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be given a dividend of $0.555 per share. The ex-dividend date is Thursday, March 28th. This represents a $2.22 dividend on an annualized basis and a dividend yield of 3.39%. Agree Realty’s dividend payout ratio is currently 77.89%.

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 September 30, 2018, the Company owned and operated a portfolio of 520 properties, located in 45 states and containing approximately 10.0 million square feet of gross leasable space.

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