$29.10 Million in Sales Expected for Agree Realty Corporation (ADC) This Quarter
Equities analysts expect Agree Realty Corporation (NYSE:ADC) to post $29.10 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Agree Realty Corporation’s earnings, with the highest sales estimate coming in at $30.28 million and the lowest estimate coming in at $27.32 million. Agree Realty Corporation posted sales of $24.16 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 20.4%. The business is scheduled to report its next earnings results on Monday, October 23rd.
According to Zacks, analysts expect that Agree Realty Corporation will report full year sales of $29.10 million for the current financial year, with estimates ranging from $109.50 million to $117.07 million. For the next financial year, analysts expect that the company will post sales of $130.27 million per share, with estimates ranging from $112.42 million to $143.29 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Agree Realty Corporation.
Agree Realty Corporation (NYSE:ADC) last issued its earnings results on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $27.66 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The company’s revenue was up 28.7% compared to the same quarter last year.
ADC has been the topic of a number of research reports. Zacks Investment Research lowered Agree Realty Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 16th. BidaskClub lowered Agree Realty Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. FBR & Co set a $56.00 price objective on Agree Realty Corporation and gave the company a “buy” rating in a report on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Agree Realty Corporation in a report on Monday, April 24th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Agree Realty Corporation in a report on Monday, July 24th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $51.89.
Shares of Agree Realty Corporation (ADC) opened at 48.51 on Monday. The stock has a 50 day moving average price of $47.61 and a 200-day moving average price of $47.63. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The stock has a market cap of $1.38 billion, a P/E ratio of 21.82 and a beta of 0.59.
In related news, Director William S. Rubenfaer purchased 2,500 shares of Agree Realty Corporation stock in a transaction dated Tuesday, May 16th. The stock was bought at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the transaction, the director now owns 20,101 shares in the company, valued at $902,936.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.40% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of ADC. Dimensional Fund Advisors LP increased its stake in Agree Realty Corporation by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 382,450 shares of the real estate investment trust’s stock worth $17,543,000 after buying an additional 17,231 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Agree Realty Corporation by 23.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 9,500 shares of the real estate investment trust’s stock worth $436,000 after buying an additional 1,800 shares during the last quarter. Citadel Advisors LLC bought a new stake in Agree Realty Corporation during the second quarter worth about $3,420,000. Sorin Capital Management LLC bought a new stake in Agree Realty Corporation during the second quarter worth about $799,000. Finally, Vanguard Group Inc. increased its stake in Agree Realty Corporation by 6.5% in the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock worth $161,161,000 after buying an additional 214,773 shares during the last quarter. Institutional investors own 81.78% of the company’s stock.
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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