Brokerages forecast that Agree Realty Co. (NYSE:ADC) will post $35.56 million in sales for the current fiscal quarter, Zacks Investment Research reports. 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 in the same quarter last year, which suggests a positive year over year growth rate of 26.6%. The business is scheduled to issue its next earnings report on Monday, July 23rd.
On average, analysts expect that Agree Realty will report full-year sales of $144.93 million for the current year, with estimates ranging from $137.97 million to $147.11 million. For the next year, analysts forecast that the business will report sales of $156.94 million per share, with estimates ranging from $118.00 million to $175.08 million. Zacks’ sales calculations are an average based on a survey of analysts that cover Agree Realty.
Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Monday, April 23rd. The real estate investment trust reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.18). Agree Realty had a net margin of 48.16% and a return on equity of 6.97%. The firm had revenue of $34.57 million for the quarter, compared to analysts’ expectations of $33.45 million.
ADC traded up $0.58 during trading on Friday, reaching $52.01. 232,538 shares of the company were exchanged, compared to its average volume of 211,295. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 3.57 and a beta of 0.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.70 and a current ratio of 0.70. Agree Realty has a 12-month low of $43.74 and a 12-month high of $53.65.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 29th will be issued a dividend of $0.54 per share. This is a boost from Agree Realty’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $2.16 dividend on an annualized basis and a yield of 4.15%. Agree Realty’s dividend payout ratio is 76.47%.
In other Agree Realty news, Director John Rakolta, Jr. bought 12,500 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were acquired at an average cost of $47.19 per share, for a total transaction of $589,875.00. Following the purchase, the director now directly owns 189,933 shares of the company’s stock, valued at $8,962,938.27. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 3.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Principal Financial Group Inc. increased its stake in Agree Realty by 46.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,351,388 shares of the real estate investment trust’s stock worth $64,922,000 after acquiring an additional 429,009 shares during the last quarter. Millennium Management LLC bought a new position in Agree Realty in the 1st quarter worth about $12,246,000. PGGM Investments bought a new position in Agree Realty in the 4th quarter worth about $12,860,000. Heitman Real Estate Securities LLC bought a new position in Agree Realty in the 4th quarter worth about $12,672,000. Finally, Uniplan Investment Counsel Inc. increased its stake in Agree Realty by 54.9% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 642,200 shares of the real estate investment trust’s stock worth $30,825,000 after acquiring an additional 227,737 shares during the last quarter. Institutional investors and hedge funds own 96.31% of the company’s stock.
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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