Zacks: Brokerages Anticipate Agree Realty Corporation (ADC) Will Post Earnings of $0.69 Per Share
Equities analysts expect Agree Realty Corporation (NYSE:ADC) to post earnings per share of $0.69 for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Agree Realty Corporation’s earnings, with the highest EPS estimate coming in at $0.69 and the lowest estimate coming in at $0.68. Agree Realty Corporation posted earnings of $0.61 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 13.1%. The firm is expected to report its next quarterly earnings results on Monday, October 23rd.
According to Zacks, analysts expect that Agree Realty Corporation will report full year earnings of $2.71 per share for the current fiscal year, with EPS estimates ranging from $2.69 to $2.73. For the next year, analysts expect that the company will report earnings of $2.92 per share, with EPS estimates ranging from $2.90 to $2.95. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that follow Agree Realty Corporation.
Agree Realty Corporation (NYSE:ADC) last released its earnings results on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The firm had revenue of $28.10 million for the quarter, compared to analyst estimates of $27.66 million. During the same quarter last year, the firm posted $0.62 EPS. The company’s revenue was up 28.7% on a year-over-year basis.
Several analysts have issued reports on ADC shares. FBR & Co restated a “buy” rating and issued a $58.00 price objective (up previously from $56.00) on shares of Agree Realty Corporation in a research note on Monday. BidaskClub raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research downgraded Agree Realty Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 16th. Canaccord Genuity initiated coverage on Agree Realty Corporation in a research report on Tuesday, July 18th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 target price on shares of Agree Realty Corporation in a research report on Friday, May 26th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $52.11.
Shares of Agree Realty Corporation (NYSE ADC) traded up 0.46% during mid-day trading on Monday, hitting $50.46. The stock had a trading volume of 72,223 shares. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The stock has a 50 day moving average of $49.69 and a 200-day moving average of $47.99. The stock has a market capitalization of $1.43 billion, a P/E ratio of 22.70 and a beta of 0.58.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a $0.505 dividend. This represents a $2.02 annualized dividend and a dividend yield of 4.02%. The ex-dividend date is Thursday, September 28th. Agree Realty Corporation’s payout ratio is 90.58%.
A number of large investors have recently modified their holdings of ADC. Glen Harbor Capital Management LLC acquired a new stake in Agree Realty Corporation during the first quarter worth approximately $101,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in Agree Realty Corporation by 2.1% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,935 shares of the real estate investment trust’s stock worth $189,000 after buying an additional 80 shares in the last quarter. Great West Life Assurance Co. Can grew its position in Agree Realty Corporation by 13.6% during the first quarter. Great West Life Assurance Co. Can now owns 48,581 shares of the real estate investment trust’s stock worth $2,330,000 after buying an additional 5,821 shares in the last quarter. American Century Companies Inc. grew its position in Agree Realty Corporation by 2,179.0% during the first quarter. American Century Companies Inc. now owns 202,423 shares of the real estate investment trust’s stock worth $9,708,000 after buying an additional 193,541 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Agree Realty Corporation by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 702,229 shares of the real estate investment trust’s stock worth $33,679,000 after buying an additional 31,668 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.
About Agree Realty Corporation
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).
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