Agree Realty Corporation (NYSE:ADC) Set to Announce Earnings on Monday
Agree Realty Corporation (NYSE:ADC) is scheduled to release its earnings data after the market closes on Monday, July 24th. Analysts expect Agree Realty Corporation to post earnings of $0.39 per share for the quarter.
Agree Realty Corporation (NYSE:ADC) last posted its earnings results on Monday, April 24th. The real estate investment trust reported $0.65 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.65. The company had revenue of $26.56 million during the quarter, compared to analyst estimates of $26.11 million. Agree Realty Corporation had a net margin of 53.37% and a return on equity of 8.33%. Agree Realty Corporation’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. On average, analysts expect Agree Realty Corporation to post $2.71 EPS for the current fiscal year and $2.93 EPS for the next fiscal year.
Shares of Agree Realty Corporation (NYSE:ADC) opened at 46.88 on Monday. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 21.76 and a beta of 0.58. Agree Realty Corporation has a 12-month low of $41.01 and a 12-month high of $51.50. The stock’s 50 day moving average is $46.55 and its 200-day moving average is $47.19.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a yield of 4.31%. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, June 28th. Agree Realty Corporation’s dividend payout ratio is presently 93.95%.
In other news, Director John Rakolta, Jr. purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were bought at an average cost of $44.82 per share, for a total transaction of $448,200.00. Following the acquisition, the director now owns 169,133 shares of the company’s stock, valued at approximately $7,580,541.06. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard Agree bought 25,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $44.73 per share, for a total transaction of $1,118,250.00. Following the completion of the purchase, the insider now directly owns 477,016 shares in the company, valued at $21,336,925.68. The disclosure for this purchase can be found here. Insiders have purchased a total of 37,600 shares of company stock worth $1,683,262 over the last quarter. 4.40% of the stock is currently owned by insiders.
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Several equities analysts recently commented on ADC shares. Jefferies Group LLC reiterated a “hold” rating and set a $49.00 price target on shares of Agree Realty Corporation in a report on Monday, April 17th. Zacks Investment Research downgraded shares of Agree Realty Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 16th. FBR & Co set a $56.00 price target on shares of Agree Realty Corporation and gave the company a “buy” rating in a report on Wednesday, June 14th. BidaskClub upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Finally, Stifel Nicolaus upped their price target on shares of Agree Realty Corporation from $53.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Agree Realty Corporation currently has an average rating of “Hold” and an average price target of $51.75.
Agree Realty Corporation 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).
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