Agree Realty Co. (NYSE:ADC) – Equities research analysts at B. Riley reduced their FY2017 earnings per share estimates for Agree Realty in a report issued on Wednesday. B. Riley analyst D. Corak now forecasts that the real estate investment trust will earn $2.69 per share for the year, down from their prior estimate of $2.71. B. Riley has a “Buy” rating and a $58.00 price target on the stock. B. Riley also issued estimates for Agree Realty’s Q4 2017 earnings at $0.68 EPS, Q1 2018 earnings at $0.69 EPS, Q2 2018 earnings at $0.72 EPS, Q3 2018 earnings at $0.74 EPS, Q4 2018 earnings at $0.76 EPS, FY2018 earnings at $2.91 EPS, Q2 2019 earnings at $0.77 EPS, Q3 2019 earnings at $0.79 EPS, Q4 2019 earnings at $0.82 EPS and FY2019 earnings at $3.15 EPS.

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

A number of other equities analysts have also commented on ADC. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 price objective on shares of Agree Realty in a research note on Thursday, January 4th. Zacks Investment Research raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, January 2nd. Jefferies Group set a $51.00 price objective on Agree Realty and gave the stock a “hold” rating in a research note on Friday, December 15th. Finally, FBR & Co reissued a “buy” rating and issued a $58.00 price objective on shares of Agree Realty in a research note on Tuesday, October 24th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $54.63.

Shares of Agree Realty (NYSE:ADC) opened at $48.97 on Thursday. 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 firm has a market capitalization of $1,448.52, a price-to-earnings ratio of 18.71, a price-to-earnings-growth ratio of 3.41 and a beta of 0.56. Agree Realty has a 1 year low of $44.28 and a 1 year high of $53.65.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.25%. The ex-dividend date was Tuesday, December 19th. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. Agree Realty’s dividend payout ratio is 101.96%.

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

Institutional investors and hedge funds have recently modified their holdings of the company. Riverhead Capital Management LLC lifted its stake in shares of Agree Realty by 114.8% during the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after acquiring an additional 1,263 shares during the period. SG Americas Securities LLC acquired a new position in shares of Agree Realty during the second quarter valued at $127,000. Victory Capital Management Inc. increased its holdings in Agree Realty by 154.5% in the third quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,815 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in Agree Realty by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock valued at $158,000 after purchasing an additional 34 shares during the last quarter. Finally, Schroder Investment Management Group bought a new stake in Agree Realty in the third quarter valued at about $185,000. 87.20% of the stock is currently owned by institutional investors and hedge funds.

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Agree Realty 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).

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

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