Agree Realty Co. (NYSE:ADC) – Equities research analysts at SunTrust Banks decreased their Q2 2019 earnings per share (EPS) estimates for Agree Realty in a research report issued to clients and investors on Monday, June 10th. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings per share of $0.74 for the quarter, down from their previous forecast of $0.75. SunTrust Banks also issued estimates for Agree Realty’s Q3 2019 earnings at $0.76 EPS and FY2019 earnings at $3.03 EPS.
Several other research analysts also recently issued reports on ADC. Citigroup boosted their price objective on shares of Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, February 27th. Raymond James boosted their price objective on shares of Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Monday, March 4th. Finally, Wells Fargo & Co boosted their price objective on shares of Agree Realty from $67.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, March 18th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $66.33.
NYSE:ADC opened at $66.99 on Thursday. Agree Realty has a 52-week low of $50.72 and a 52-week high of $70.25. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2.74 billion, a PE ratio of 22.99, a P/E/G ratio of 3.71 and a beta of 0.13.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.26). Agree Realty had a return on equity of 5.33% and a net margin of 38.49%. The company had revenue of $42.35 million for the quarter, compared to the consensus estimate of $43.77 million.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.28 dividend on an annualized basis and a yield of 3.40%. This is a boost from Agree Realty’s previous quarterly dividend of $0.56. Agree Realty’s payout ratio is presently 77.89%.
In other Agree Realty news, Director Craig Erlich bought 750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were acquired at an average price of $67.47 per share, with a total value of $50,602.50. Following the completion of the purchase, the director now directly owns 13,023 shares in the company, valued at approximately $878,661.81. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. bought 6,801 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average cost of $66.19 per share, for a total transaction of $450,158.19. Following the purchase, the director now owns 206,088 shares of the company’s stock, valued at $13,640,964.72. The disclosure for this purchase can be found here. Insiders own 3.10% of the company’s stock.
A number of institutional investors have recently modified their holdings of ADC. Bank of Montreal Can grew its stake in Agree Realty by 24.4% during the fourth quarter. Bank of Montreal Can now owns 6,304 shares of the real estate investment trust’s stock worth $373,000 after buying an additional 1,236 shares during the last quarter. IFP Advisors Inc grew its stake in Agree Realty by 33.8% during the fourth quarter. IFP Advisors Inc now owns 669 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 169 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in Agree Realty by 6.5% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 8,467 shares of the real estate investment trust’s stock worth $501,000 after buying an additional 514 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Agree Realty by 29.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 7,463 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 1,720 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Agree Realty by 24.6% during the fourth quarter. Rhumbline Advisers now owns 127,541 shares of the real estate investment trust’s stock worth $7,540,000 after purchasing an additional 25,221 shares in the last quarter. 97.69% of the stock is currently owned by hedge funds and other institutional investors.
About Agree Realty
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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