Agree Realty Corporation (NYSE:ADC) – Research analysts at FBR & Co decreased their FY2017 EPS estimates for shares of Agree Realty Corporation in a research note issued on Wednesday. FBR & Co analyst D. Corak now anticipates that the real estate investment trust will earn $2.71 per share for the year, down from their previous estimate of $2.72. FBR & Co currently has a “Buy” rating and a $58.00 target price on the stock. FBR & Co also issued estimates for Agree Realty Corporation’s Q4 2017 earnings at $0.70 EPS, Q1 2018 earnings at $0.70 EPS, Q4 2018 earnings at $0.77 EPS, FY2018 earnings at $2.96 EPS and FY2019 earnings at $3.18 EPS.

Agree Realty Corporation (NYSE:ADC) last released its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.27). Agree Realty Corporation had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. During the same quarter last year, the company earned $0.66 EPS. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis.

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A number of other brokerages have also recently issued reports on ADC. BidaskClub upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Canaccord Genuity restated a “buy” rating and set a $53.00 target price on shares of Agree Realty Corporation in a research report on Monday, July 24th. Stifel Nicolaus restated a “buy” rating and set a $54.00 target price on shares of Agree Realty Corporation in a research report on Tuesday. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Agree Realty Corporation in a research report on Tuesday. Finally, Zacks Investment Research upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $52.13.

Agree Realty Corporation (NYSE:ADC) opened at 47.12 on Friday. The company’s 50 day moving average is $49.84 and its 200 day moving average is $48.34. The firm has a market cap of $1.34 billion, a P/E ratio of 21.20 and a beta of 0.57. Agree Realty Corporation has a 52-week low of $41.01 and a 52-week high of $51.50.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were given a dividend of $0.505 per share. This represents a $2.02 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend was Thursday, September 28th. Agree Realty Corporation’s payout ratio is currently 99.02%.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in Agree Realty Corporation by 4,812.0% during the first quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock worth $178,099,000 after acquiring an additional 3,637,882 shares during the last quarter. Texas Permanent School Fund raised its position in Agree Realty Corporation by 8.9% during the second quarter. Texas Permanent School Fund now owns 20,628 shares of the real estate investment trust’s stock worth $946,000 after acquiring an additional 1,691 shares during the last quarter. Rhumbline Advisers raised its position in Agree Realty Corporation by 4.5% during the second quarter. Rhumbline Advisers now owns 61,371 shares of the real estate investment trust’s stock worth $2,815,000 after acquiring an additional 2,667 shares during the last quarter. Kennedy Capital Management Inc. acquired a new position in shares of Agree Realty Corporation in the second quarter valued at approximately $4,585,000. Finally, Vanguard Group Inc. raised its position in shares of Agree Realty Corporation by 1.9% in the first quarter. Vanguard Group Inc. now owns 3,298,645 shares of the real estate investment trust’s stock valued at $158,203,000 after buying an additional 60,662 shares during the last quarter. Institutional investors own 85.04% 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).

Earnings History and Estimates for Agree Realty Corporation (NYSE:ADC)

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