Jefferies Financial Group Weighs in on Agree Realty Co.’s FY2018 Earnings (ADC)
Agree Realty Co. (NYSE:ADC) – Equities research analysts at Jefferies Financial Group cut their FY2018 earnings estimates for Agree Realty in a research report issued to clients and investors on Thursday, December 13th. Jefferies Financial Group analyst O. Okusanya now anticipates that the real estate investment trust will earn $2.87 per share for the year, down from their previous forecast of $2.88. Jefferies Financial Group has a “Buy” rating and a $70.00 price target on the stock. Jefferies Financial Group also issued estimates for Agree Realty’s Q4 2018 earnings at $0.73 EPS, FY2019 earnings at $3.12 EPS, Q1 2020 earnings at $0.79 EPS and FY2020 earnings at $3.26 EPS.
Several other analysts have also recently commented on the stock. ValuEngine cut shares of Agree Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Raymond James lifted their target price on shares of Agree Realty from $59.00 to $68.00 and gave the stock an “outperform” rating in a research report on Monday. Citigroup lifted their price target on shares of Agree Realty from $57.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday. Stifel Nicolaus lifted their price target on shares of Agree Realty from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, September 10th. Finally, Wells Fargo & Co set a $63.00 target price on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, September 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $61.13.
Agree Realty (NYSE:ADC) last posted its earnings results on Monday, October 22nd. The real estate investment trust reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. Agree Realty had a net margin of 44.17% and a return on equity of 6.46%. The firm had revenue of $37.31 million for the quarter, compared to the consensus estimate of $36.97 million.
Large investors have recently added to or reduced their stakes in the stock. Motley Fool Wealth Management LLC acquired a new position in Agree Realty during the third quarter valued at approximately $203,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Agree Realty in the second quarter valued at approximately $217,000. Marshall Wace LLP bought a new stake in shares of Agree Realty in the third quarter valued at approximately $230,000. Fox Run Management L.L.C. bought a new stake in shares of Agree Realty in the third quarter valued at approximately $239,000. Finally, Vident Investment Advisory LLC bought a new position in Agree Realty in the second quarter worth $242,000.
In other Agree Realty news, COO Laith Hermiz sold 3,500 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $58.00, for a total transaction of $203,000.00. Following the completion of the sale, the chief operating officer now directly owns 28,328 shares of the company’s stock, valued at $1,643,024. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.70% of the stock is currently owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, December 21st will be issued a $0.555 dividend. This represents a $2.22 dividend on an annualized basis and a yield of 3.63%. This is an increase from Agree Realty’s previous quarterly dividend of $0.54. The ex-dividend date is Thursday, December 20th. Agree Realty’s dividend payout ratio is presently 79.41%.
Agree Realty Company Profile
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 September 30, 2018, the Company owned and operated a portfolio of 520 properties, located in 45 states and containing approximately 10.0 million square feet of gross leasable space.
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