Agree Realty Co. (NYSE:ADC) – Analysts at Jefferies Group decreased their FY2018 earnings estimates for shares of Agree Realty in a report issued on Tuesday. Jefferies Group analyst G. Hoglund now expects that the real estate investment trust will earn $2.90 per share for the year, down from their previous estimate of $2.92. Jefferies Group currently has a “Hold” rating and a $51.00 target price on the stock.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The firm had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. During the same period in the prior year, the business earned $0.66 earnings per share. Agree Realty’s revenue for the quarter was up 25.8% on a year-over-year basis.

Other equities research analysts have also recently issued reports about the stock. B. Riley reaffirmed a “buy” rating on shares of Agree Realty in a research note on Wednesday, November 1st. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 target price on shares of Agree Realty in a research report on Thursday, January 4th. FBR & Co reissued a “buy” rating and issued a $58.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Zacks Investment Research raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $54.63.

Agree Realty (NYSE ADC) traded down $0.02 during trading on Wednesday, hitting $49.28. 226,291 shares of the company’s stock traded hands, compared to its average volume of 194,542. Agree Realty has a one year low of $44.28 and a one year high of $53.65. The firm has a market cap of $1,428.66, a PE ratio of 24.16, a P/E/G ratio of 3.36 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were given a $0.52 dividend. The ex-dividend date was Tuesday, December 19th. This is a boost from Agree Realty’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 4.22%. Agree Realty’s dividend payout ratio (DPR) is currently 101.96%.

In other Agree Realty news, CFO Clayton R. Thelen purchased 1,010 shares of Agree Realty stock in a transaction on Monday, December 11th. The shares were purchased at an average cost of $49.56 per share, with a total value of $50,055.60. Following the completion of the transaction, the chief financial officer now directly owns 5,073 shares in the company, valued at approximately $251,417.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Rakolta, Jr. purchased 3,300 shares of Agree Realty stock in a transaction on Thursday, November 30th. The shares were acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Agree Realty by 3.5% during the second quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock valued at $176,299,000 after buying an additional 129,983 shares in the last quarter. Vanguard Group Inc. lifted its position in Agree Realty by 6.5% during the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock valued at $161,161,000 after buying an additional 214,773 shares in the last quarter. Northern Trust Corp lifted its position in Agree Realty by 2.5% during the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock valued at $38,392,000 after buying an additional 20,089 shares in the last quarter. State Street Corp lifted its position in Agree Realty by 5.9% during the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock valued at $34,801,000 after buying an additional 42,067 shares in the last quarter. Finally, Barings LLC lifted its position in Agree Realty by 34.3% during the third quarter. Barings LLC now owns 542,482 shares of the real estate investment trust’s stock valued at $26,625,000 after buying an additional 138,551 shares in the last quarter. 87.20% of the stock is currently owned by hedge funds and other institutional investors.

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About Agree Realty

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).

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

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