Brokerages Anticipate Agree Realty Co. (ADC) to Post $0.71 Earnings Per Share

Equities analysts expect that Agree Realty Co. (NYSE:ADC) will report $0.71 earnings per share (EPS) for the current quarter, Zacks reports. Five analysts have issued estimates for Agree Realty’s earnings. The lowest EPS estimate is $0.71 and the highest is $0.72. Agree Realty posted earnings of $0.69 per share during the same quarter last year, which would indicate a positive year over year growth rate of 2.9%. The firm is expected to issue its next earnings report after the market closes on Monday, October 22nd.

According to Zacks, analysts expect that Agree Realty will report full-year earnings of $2.86 per share for the current year, with EPS estimates ranging from $2.84 to $2.88. For the next year, analysts anticipate that the business will post earnings of $3.08 per share, with EPS estimates ranging from $3.00 to $3.16. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that cover Agree Realty.

Agree Realty (NYSE:ADC) last issued its earnings results on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.06. Agree Realty had a return on equity of 6.53% and a net margin of 43.90%. The firm had revenue of $35.71 million for the quarter, compared to analysts’ expectations of $35.50 million.

A number of brokerages recently weighed in on ADC. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday. Jefferies Financial Group set a $58.00 target price on Agree Realty and gave the company a “hold” rating in a report on Monday, September 17th. Stifel Nicolaus lifted their target price on Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a report on Monday, September 10th. Wells Fargo & Co set a $63.00 target price on Agree Realty and gave the company a “buy” rating in a report on Tuesday, September 4th. Finally, SunTrust Banks set a $57.00 target price on Agree Realty and gave the company a “buy” rating in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $57.63.

In related news, insider Richard Agree acquired 6,000 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were bought at an average cost of $54.77 per share, with a total value of $328,620.00. Following the completion of the transaction, the insider now directly owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. acquired 13,274 shares of the business’s stock in a transaction on Wednesday, September 5th. The stock was bought at an average cost of $54.80 per share, for a total transaction of $727,415.20. Following the completion of the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at $657,600. The disclosure for this purchase can be found here. Insiders acquired 19,494 shares of company stock worth $1,067,618 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its position in Agree Realty by 73.5% in the first quarter. SG Americas Securities LLC now owns 3,959 shares of the real estate investment trust’s stock valued at $190,000 after purchasing an additional 1,677 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Agree Realty during the first quarter worth about $209,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Agree Realty during the second quarter worth about $217,000. Amalgamated Bank purchased a new stake in shares of Agree Realty during the second quarter worth about $233,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Agree Realty during the third quarter worth about $239,000. 96.31% of the stock is currently owned by institutional investors.

Agree Realty stock traded down $0.13 during midday trading on Monday, reaching $51.46. The stock had a trading volume of 147,093 shares, compared to its average volume of 221,463. Agree Realty has a twelve month low of $43.74 and a twelve month high of $57.49. The stock has a market capitalization of $1.65 billion, a P/E ratio of 18.92, a PEG ratio of 3.71 and a beta of 0.23. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.71.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 4.20%. The ex-dividend date was Thursday, September 27th. Agree Realty’s dividend payout ratio (DPR) is presently 79.41%.

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 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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