Brokerages Expect Agree Realty Co. (ADC) Will Announce Quarterly Sales of $35.56 Million

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.



A number of analysts recently issued reports on the company. ValuEngine cut Agree Realty from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Zacks Investment Research cut Agree Realty from a “hold” rating to a “sell” rating in a report on Wednesday, March 7th. Jefferies Group reissued a “neutral” rating on shares of Agree Realty in a report on Thursday, March 1st. Finally, B. Riley set a $58.00 price objective on Agree Realty and gave the stock a “buy” rating in a report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $55.13.

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.

Get a free copy of the Zacks research report on Agree Realty (ADC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Agree Realty (NYSE:ADC)

Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply