Brokerages expect Agree Realty Co. (NYSE:ADC) to announce $39.58 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Agree Realty’s earnings. The lowest sales estimate is $37.78 million and the highest is $40.55 million. Agree Realty reported sales of $31.53 million in the same quarter last year, which indicates a positive year-over-year growth rate of 25.5%. The firm is scheduled to announce its next earnings results on Thursday, February 28th.

According to Zacks, analysts expect that Agree Realty will report full-year sales of $147.05 million for the current financial year, with estimates ranging from $145.34 million to $148.12 million. For the next fiscal year, analysts forecast that the business will post sales of $177.85 million, with estimates ranging from $152.09 million to $187.00 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Agree Realty.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, October 22nd. The real estate investment trust reported $0.48 EPS for the quarter, beating the consensus estimate of $0.38 by $0.10. Agree Realty had a return on equity of 6.46% and a net margin of 44.17%. The company had revenue of $37.31 million for the quarter, compared to analysts’ expectations of $36.97 million.

Several brokerages have issued reports on ADC. Jefferies Financial Group set a $58.00 target price on Agree Realty and gave the stock a “hold” rating in a research report on Monday, September 17th. Stifel Nicolaus raised their target price on Agree Realty from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. ValuEngine cut Agree Realty from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. SunTrust Banks set a $57.00 target price on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Finally, Wells Fargo & Co set a $63.00 target price on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $58.00.

In related news, insider Richard Agree acquired 6,000 shares of the stock in a transaction dated Thursday, September 6th. The shares were purchased at an average cost of $54.77 per share, with a total value of $328,620.00. Following the transaction, the insider now directly owns 417,966 shares in the company, valued at $22,891,997.82. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Rakolta, Jr. acquired 13,274 shares of the stock in a transaction dated Wednesday, September 5th. The shares were bought at an average cost of $54.80 per share, for a total transaction of $727,415.20. Following the completion of the transaction, the director now owns 12,000 shares in the company, valued at $657,600. The disclosure for this purchase can be found here. Company insiders own 3.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of Agree Realty by 4.1% during the 3rd quarter. BlackRock Inc. now owns 5,195,453 shares of the real estate investment trust’s stock valued at $275,983,000 after buying an additional 204,091 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Agree Realty by 4.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 884,938 shares of the real estate investment trust’s stock valued at $47,008,000 after buying an additional 41,446 shares in the last quarter. Eagle Asset Management Inc. lifted its position in shares of Agree Realty by 1.2% during the 3rd quarter. Eagle Asset Management Inc. now owns 284,712 shares of the real estate investment trust’s stock valued at $15,123,000 after buying an additional 3,329 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Agree Realty by 1.7% during the 3rd quarter. Rhumbline Advisers now owns 102,320 shares of the real estate investment trust’s stock valued at $5,435,000 after buying an additional 1,706 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 132.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 430,245 shares of the real estate investment trust’s stock valued at $22,855,000 after buying an additional 245,029 shares in the last quarter. 90.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Agree Realty stock traded up $0.50 during trading on Friday, hitting $58.92. 158,099 shares of the company’s stock traded hands, compared to its average volume of 347,307. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.09 and a quick ratio of 1.09. Agree Realty has a 1 year low of $43.74 and a 1 year high of $59.36. The stock has a market capitalization of $2.01 billion, a PE ratio of 21.66, a price-to-earnings-growth ratio of 4.07 and a beta of 0.08.

The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a $0.54 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $2.16 annualized dividend and a yield of 3.67%. Agree Realty’s payout ratio is 79.41%.

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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.

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