Agree Realty Corporation (NYSE:ADC) – FBR & Co cut their Q3 2017 EPS estimates for Agree Realty Corporation in a research report issued on Wednesday. FBR & Co analyst D. Corak now anticipates that the real estate investment trust will earn $0.68 per share for the quarter, down from their previous estimate of $0.69. FBR & Co has a “Buy” rating and a $56.00 price target on the stock. FBR & Co also issued estimates for Agree Realty Corporation’s Q4 2018 earnings at $0.75 EPS and FY2018 earnings at $2.92 EPS.
Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings data on Monday, April 24th. The real estate investment trust reported $0.65 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.65. The firm had revenue of $26.56 million for the quarter, compared to analysts’ expectations of $26.11 million. Agree Realty Corporation had a net margin of 53.37% and a return on equity of 8.33%. The company’s quarterly revenue was up 31.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.61 earnings per share.
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Other equities research analysts have also issued reports about the stock. Raymond James Financial, Inc. reissued a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 20th. Stifel Nicolaus boosted their target price on shares of Agree Realty Corporation from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. Zacks Investment Research raised shares of Agree Realty Corporation from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Monday, March 27th. BidaskClub raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $50.00 target price on shares of Agree Realty Corporation in a report on Friday, May 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $51.75.
Shares of Agree Realty Corporation (NYSE ADC) opened at 48.08 on Friday. The stock’s 50 day moving average is $46.45 and its 200 day moving average is $47.03. The company has a market capitalization of $1.25 billion, a PE ratio of 22.32 and a beta of 0.61. Agree Realty Corporation has a 1-year low of $41.01 and a 1-year high of $51.50.
Several large investors have recently bought and sold shares of ADC. Goldman Sachs Group Inc. raised its stake in Agree Realty Corporation by 13.0% in the first quarter. Goldman Sachs Group Inc. now owns 67,745 shares of the real estate investment trust’s stock worth $3,249,000 after buying an additional 7,814 shares in the last quarter. Driehaus Capital Management LLC raised its stake in Agree Realty Corporation by 67.1% in the first quarter. Driehaus Capital Management LLC now owns 100,641 shares of the real estate investment trust’s stock worth $4,827,000 after buying an additional 40,417 shares in the last quarter. State Street Corp raised its stake in Agree Realty Corporation by 9.8% in the first quarter. State Street Corp now owns 716,468 shares of the real estate investment trust’s stock worth $34,363,000 after buying an additional 63,748 shares in the last quarter. Bank of America Corp DE raised its stake in Agree Realty Corporation by 109.6% in the first quarter. Bank of America Corp DE now owns 45,162 shares of the real estate investment trust’s stock worth $2,166,000 after buying an additional 23,611 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Agree Realty Corporation by 10.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 111,489 shares of the real estate investment trust’s stock worth $5,348,000 after buying an additional 10,958 shares in the last quarter. 88.62% of the stock is currently owned by institutional investors.
In other news, insider Richard Agree acquired 25,000 shares of Agree Realty Corporation stock in a transaction dated Thursday, May 4th. The shares were bought at an average cost of $44.73 per share, with a total value of $1,118,250.00. Following the purchase, the insider now owns 477,016 shares in the company, valued at approximately $21,336,925.68. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William S. Rubenfaer acquired 2,500 shares of Agree Realty Corporation stock in a transaction dated Tuesday, May 16th. The stock was purchased at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the completion of the purchase, the director now owns 20,101 shares in the company, valued at approximately $902,936.92. The disclosure for this purchase can be found here. Insiders have acquired a total of 37,600 shares of company stock worth $1,683,262 over the last three months. Insiders own 4.40% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a dividend of $0.505 per share. This represents a $2.02 dividend on an annualized basis and a yield of 4.20%. This is a positive change from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date is Wednesday, June 28th. Agree Realty Corporation’s payout ratio is presently 92.09%.
Agree Realty Corporation Company Profile
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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