Agree Realty Corporation (ADC) Posts Quarterly Earnings Results, Misses Expectations By $0.27 EPS
Agree Realty Corporation (NYSE:ADC) issued its earnings results on Monday. The real estate investment trust reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27), Zacks reports. The firm had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share.
Shares of Agree Realty Corporation (NYSE ADC) traded up 0.20% during trading on Tuesday, reaching $49.16. 230,246 shares of the company traded hands. The stock has a market capitalization of $1.40 billion, a P/E ratio of 22.11 and a beta of 0.57. The firm’s 50 day moving average is $49.90 and its 200-day moving average is $48.35. Agree Realty Corporation has a 12-month low of $41.01 and a 12-month high of $51.50.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were given a $0.505 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $2.02 annualized dividend and a yield of 4.11%. Agree Realty Corporation’s payout ratio is 90.58%.
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Several analysts have recently commented on the company. FBR & Co restated a “buy” rating and issued a $58.00 target price on shares of Agree Realty Corporation in a research note on Tuesday. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research report on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 price target on shares of Agree Realty Corporation in a research report on Tuesday. BidaskClub raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 price target on shares of Agree Realty Corporation in a research report on Monday, July 24th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $51.71.
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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