$31.13 Million in Sales Expected for Agree Realty Co. (ADC) This Quarter

Wall Street brokerages expect Agree Realty Co. (NYSE:ADC) to post sales of $31.13 million for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Agree Realty’s earnings. The lowest sales estimate is $29.62 million and the highest is $32.73 million. Agree Realty reported sales of $25.30 million during the same quarter last year, which indicates a positive year-over-year growth rate of 23%. The firm is expected to report its next quarterly earnings results after the market closes on Thursday, February 22nd.

According to Zacks, analysts expect that Agree Realty will report full-year sales of $31.13 million for the current year, with estimates ranging from $114.47 million to $117.76 million. For the next year, analysts anticipate that the company will post sales of $137.57 million per share, with estimates ranging from $121.68 million to $146.51 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Agree Realty.

Several brokerages recently issued reports on ADC. Wells Fargo & Co raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price objective on the stock in a report on Tuesday, December 19th. Jefferies Group set a $51.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a report on Friday, December 15th. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, B. Riley set a $58.00 price target on shares of Agree Realty and gave the stock a “buy” rating in a report on Wednesday, January 3rd. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Agree Realty presently has an average rating of “Buy” and a consensus target price of $54.67.

Agree Realty (NYSE:ADC) opened at $45.29 on Monday. The stock has a market cap of $1,323.19, a P/E ratio of 17.09, a P/E/G ratio of 3.12 and a beta of 0.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63. Agree Realty has a 1-year low of $44.22 and a 1-year high of $53.65.

In related news, Director John Rakolta, Jr. acquired 3,300 shares of the stock in a transaction dated Thursday, November 30th. The stock was acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Clayton R. Thelen acquired 1,010 shares of the stock in a transaction dated Monday, December 11th. The shares were bought at an average price of $49.56 per share, with a total value of $50,055.60. Following the completion of the purchase, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at approximately $251,417.88. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.

Several large investors have recently bought and sold shares of ADC. Wells Fargo & Company MN lifted its stake in shares of Agree Realty by 58.7% during the second quarter. Wells Fargo & Company MN now owns 71,057 shares of the real estate investment trust’s stock worth $3,259,000 after buying an additional 26,269 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Agree Realty by 7.5% during the second quarter. Ameriprise Financial Inc. now owns 154,958 shares of the real estate investment trust’s stock worth $7,111,000 after buying an additional 10,855 shares during the period. New York State Common Retirement Fund lifted its stake in shares of Agree Realty by 15.4% during the second quarter. New York State Common Retirement Fund now owns 27,700 shares of the real estate investment trust’s stock worth $1,271,000 after buying an additional 3,699 shares during the period. UBS Asset Management Americas Inc. lifted its stake in shares of Agree Realty by 3.2% during the second quarter. UBS Asset Management Americas Inc. now owns 43,719 shares of the real estate investment trust’s stock worth $2,005,000 after buying an additional 1,341 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Agree Realty by 6.5% during 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 period. Institutional investors and hedge funds own 87.91% of the company’s stock.

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About Agree Realty

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

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