Agree Realty Corp. (ADC) Expected to Post Q3 2016 Earnings of $0.63 Per Share
Agree Realty Corp. (NYSE:ADC) – Equities research analysts at FBR & Co issued their Q3 2016 earnings estimates for shares of Agree Realty Corp. in a report released on Tuesday. FBR & Co analyst D. Corak forecasts that the firm will post earnings of $0.63 per share for the quarter. FBR & Co currently has a “Outperform” rating and a $56.00 target price on the stock. FBR & Co also issued estimates for Agree Realty Corp.’s Q4 2016 earnings at $0.65 EPS, FY2016 earnings at $2.49 EPS, Q1 2017 earnings at $0.66 EPS, Q2 2017 earnings at $0.68 EPS, Q3 2017 earnings at $0.69 EPS, Q4 2017 earnings at $0.72 EPS, FY2017 earnings at $2.76 EPS and FY2018 earnings at $2.97 EPS.
A number of other brokerages have also recently weighed in on ADC. Stifel Nicolaus started coverage on shares of Agree Realty Corp. in a research report on Thursday, July 7th. They set a “buy” rating and a $54.00 price target on the stock. Jefferies Group reissued a “buy” rating on shares of Agree Realty Corp. in a research report on Monday, August 29th. Zacks Investment Research raised shares of Agree Realty Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, October 4th. Finally, Wunderlich raised their price objective on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, July 27th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $47.29.
Agree Realty Corp. (NYSE:ADC) traded down 0.83% during midday trading on Friday, reaching $46.71. 98,633 shares of the company’s stock were exchanged. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 23.03 and a beta of 0.65. Agree Realty Corp. has a 52 week low of $30.57 and a 52 week high of $51.33. The firm has a 50-day moving average price of $47.77 and a 200 day moving average price of $45.28.
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Agree Realty Corp. (NYSE:ADC) last issued its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. The firm earned $21.84 million during the quarter, compared to analysts’ expectations of $21.27 million. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. Agree Realty Corp.’s quarterly revenue was up 26.9% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.48 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 annualized dividend and a yield of 4.08%. Agree Realty Corp.’s payout ratio is currently 93.20%.
A number of large investors have recently modified their holdings of the stock. BlackRock Institutional Trust Company N.A. raised its stake in shares of Agree Realty Corp. by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 824,898 shares of the real estate investment trust’s stock valued at $31,734,000 after buying an additional 14,857 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Agree Realty Corp. by 14.5% in the second quarter. Advisors Asset Management Inc. now owns 63,423 shares of the real estate investment trust’s stock valued at $3,060,000 after buying an additional 8,034 shares during the last quarter. Credit Agricole S A raised its stake in shares of Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 3,743 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Agree Realty Corp. by 13.6% in the first quarter. BlackRock Group LTD now owns 155,939 shares of the real estate investment trust’s stock valued at $5,999,000 after buying an additional 18,692 shares during the last quarter. Finally, Commonwealth Equity Services Inc acquired a new stake in shares of Agree Realty Corp. during the first quarter valued at about $562,000. Hedge funds and other institutional investors own 80.71% of the company’s stock.
About Agree Realty Corp.
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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