Brokerages Anticipate Agree Realty Co. (NYSE:ADC) Will Announce Quarterly Sales of $96.02 Million

Equities research analysts predict that Agree Realty Co. (NYSE:ADCGet Rating) will report sales of $96.02 million for the current quarter, Zacks reports. Five analysts have provided estimates for Agree Realty’s earnings, with the highest sales estimate coming in at $99.07 million and the lowest estimate coming in at $91.60 million. Agree Realty reported sales of $77.83 million during the same quarter last year, which indicates a positive year-over-year growth rate of 23.4%. The firm is expected to announce its next quarterly earnings report after the market closes on Monday, January 1st.

On average, analysts expect that Agree Realty will report full year sales of $409.61 million for the current fiscal year, with estimates ranging from $367.47 million to $427.68 million. For the next year, analysts expect that the company will report sales of $485.21 million, with estimates ranging from $370.41 million to $518.21 million. Zacks’ sales calculations are an average based on a survey of research firms that follow Agree Realty.

Agree Realty (NYSE:ADCGet Rating) last released its earnings results on Monday, February 21st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.03). Agree Realty had a net margin of 36.03% and a return on equity of 3.97%. During the same period in the previous year, the business earned $0.84 earnings per share.

A number of research firms recently issued reports on ADC. Raymond James decreased their target price on Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating for the company in a report on Thursday, February 24th. StockNews.com initiated coverage on Agree Realty in a report on Thursday, March 31st. They set a “hold” rating for the company. Morgan Stanley initiated coverage on Agree Realty in a report on Friday, April 1st. They set an “overweight” rating and a $75.00 price target for the company. Royal Bank of Canada decreased their price target on Agree Realty from $80.00 to $75.00 in a report on Thursday, February 24th. Finally, Stifel Nicolaus decreased their price target on Agree Realty from $81.00 to $80.50 and set a “buy” rating for the company in a report on Wednesday, February 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty has a consensus rating of “Buy” and an average price target of $76.32.

In related news, CEO Joey Agree purchased 1,749 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were purchased at an average price of $64.03 per share, for a total transaction of $111,988.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Consolidated Planning Corp acquired a new position in Agree Realty during the 3rd quarter worth approximately $26,000. AGF Investments LLC acquired a new position in Agree Realty during the 4th quarter worth approximately $37,000. CWM LLC increased its position in Agree Realty by 261.5% during the 1st quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 408 shares during the period. UMB Bank N A MO acquired a new position in Agree Realty during the 4th quarter worth approximately $49,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Agree Realty during the 3rd quarter worth approximately $74,000.

NYSE:ADC opened at $72.14 on Monday. The firm has a market cap of $5.15 billion, a PE ratio of 40.53, a price-to-earnings-growth ratio of 2.39 and a beta of 0.45. The stock has a fifty day moving average price of $65.86 and a 200 day moving average price of $67.43. Agree Realty has a 12-month low of $61.62 and a 12-month high of $75.95. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

The business also recently declared a monthly dividend, which will be paid on Friday, May 13th. Investors of record on Friday, April 29th will be given a $0.234 dividend. This represents a $2.81 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, April 28th. This is a boost from Agree Realty’s previous monthly dividend of $0.23. Agree Realty’s payout ratio is 152.81%.

Agree Realty Company Profile (Get Rating)

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 September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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