Equities research analysts expect Agree Realty Co. (NYSE:ADC) to post sales of $35.56 million for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Agree Realty’s earnings, with the lowest sales estimate coming in at $34.76 million and the highest estimate coming in at $36.09 million. Agree Realty posted sales of $28.08 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 26.6%. The business is expected to report its next quarterly earnings report on Monday, July 23rd.
According to Zacks, analysts expect that Agree Realty will report full year sales of $145.43 million for the current year, with estimates ranging from $137.97 million to $150.00 million. For the next fiscal year, analysts expect that the company will report sales of $167.10 million per share, with estimates ranging from $140.16 million to $179.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Agree Realty.
Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, April 23rd. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by ($0.18). Agree Realty had a net margin of 48.16% and a return on equity of 6.97%. The company had revenue of $34.57 million for the quarter, compared to analysts’ expectations of $33.45 million.
Several analysts recently weighed in on ADC shares. B. Riley set a $58.00 price target on Agree Realty and gave the company a “buy” rating in a report on Friday, February 23rd. Zacks Investment Research upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Thursday, March 1st. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Jefferies Financial Group restated a “neutral” rating on shares of Agree Realty in a report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. Agree Realty currently has a consensus rating of “Buy” and a consensus target price of $55.13.
NYSE:ADC traded up $0.61 during midday trading on Monday, hitting $53.80. 2,552 shares of the company traded hands, compared to its average volume of 233,534. Agree Realty has a 12-month low of $43.74 and a 12-month high of $54.16. The firm has a market capitalization of $1.55 billion, a PE ratio of 19.75, a PEG ratio of 3.66 and a beta of 0.39. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.70 and a current ratio of 0.70.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 4.01%. The ex-dividend date is Thursday, June 28th. This is an increase from Agree Realty’s previous quarterly dividend of $0.52. Agree Realty’s dividend payout ratio is 76.47%.
Institutional investors have recently made changes to their positions in the business. Delpha Capital Management LLC bought a new position in Agree Realty in the 4th quarter valued at $109,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Agree Realty by 54.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,083 shares of the real estate investment trust’s stock valued at $148,000 after acquiring an additional 1,082 shares during the last quarter. SG Americas Securities LLC grew its position in Agree Realty by 73.5% in the 1st quarter. SG Americas Securities LLC now owns 3,959 shares of the real estate investment trust’s stock valued at $190,000 after acquiring an additional 1,677 shares during the last quarter. Amalgamated Bank bought a new position in Agree Realty in the 4th quarter valued at $211,000. Finally, Xact Kapitalforvaltning AB bought a new position in Agree Realty in the 4th quarter valued at $213,000. 96.31% of the stock is currently owned by institutional investors.
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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