Agree Realty Co. (ADC) Expected to Announce Quarterly Sales of $43.56 Million

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Equities analysts expect Agree Realty Co. (NYSE:ADC) to post sales of $43.56 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Agree Realty’s earnings. The lowest sales estimate is $40.95 million and the highest is $45.30 million. Agree Realty posted sales of $34.57 million during the same quarter last year, which suggests a positive year over year growth rate of 26%. The firm is expected to report its next earnings results on Monday, April 22nd.

According to Zacks, analysts expect that Agree Realty will report full-year sales of $184.75 million for the current year, with estimates ranging from $163.50 million to $193.64 million. For the next fiscal year, analysts forecast that the firm will post sales of $213.48 million, with estimates ranging from $165.61 million to $237.67 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Agree Realty.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Thursday, February 21st. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.36). The company had revenue of $40.70 million for the quarter, compared to analyst estimates of $39.47 million. Agree Realty had a net margin of 39.23% and a return on equity of 5.63%.

ADC has been the topic of a number of research analyst reports. Raymond James upgraded Agree Realty from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, January 8th. Citigroup boosted their target price on Agree Realty from $57.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 11th. LADENBURG THALM/SH SH downgraded Agree Realty from a “buy” rating to a “neutral” rating in a research note on Monday, February 11th. Jefferies Financial Group upgraded Agree Realty from a “hold” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $70.00 in a research note on Thursday, December 13th. Finally, Wells Fargo & Co boosted their target price on Agree Realty from $67.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $66.33.

Shares of NYSE ADC opened at $66.27 on Thursday. Agree Realty has a twelve month low of $46.27 and a twelve month high of $67.58. The company has a market capitalization of $2.47 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 3.77 and a beta of 0.18. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be issued a dividend of $0.555 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.22 dividend on an annualized basis and a yield of 3.35%. Agree Realty’s payout ratio is 77.89%.

A number of hedge funds have recently modified their holdings of ADC. Lindbrook Capital LLC bought a new stake in Agree Realty during the 4th quarter valued at $31,000. We Are One Seven LLC bought a new position in shares of Agree Realty in the fourth quarter worth $33,000. IFP Advisors Inc increased its holdings in shares of Agree Realty by 33.8% in the fourth quarter. IFP Advisors Inc now owns 669 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 169 shares during the period. Bessemer Group Inc. bought a new position in shares of Agree Realty in the fourth quarter worth $77,000. Finally, LS Investment Advisors LLC increased its holdings in shares of Agree Realty by 226.3% in the fourth quarter. LS Investment Advisors LLC now owns 3,051 shares of the real estate investment trust’s stock worth $180,000 after purchasing an additional 2,116 shares during the period.

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 December 31, 2018, the Company owned and operated a portfolio of 645 properties, located in 46 states and containing approximately 11.2 million square feet of gross leasable space.

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