Zacks: Brokerages Anticipate Agree Realty Co. (NYSE:ADC) Will Post Earnings of $0.97 Per Share

Analysts expect Agree Realty Co. (NYSE:ADCGet Rating) to announce earnings per share of $0.97 for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Agree Realty’s earnings. The highest EPS estimate is $1.01 and the lowest is $0.95. Agree Realty posted earnings per share of $0.89 in the same quarter last year, which would suggest a positive year-over-year growth rate of 9%. The business is expected to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Agree Realty will report full-year earnings of $3.90 per share for the current year, with EPS estimates ranging from $3.78 to $4.05. For the next year, analysts forecast that the business will post earnings of $4.09 per share, with EPS estimates ranging from $3.95 to $4.24. Zacks’ earnings per share averages are a mean average based on a survey of research firms that follow Agree Realty.

Agree Realty (NYSE:ADCGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.48 EPS for the quarter, beating the consensus estimate of $0.45 by $0.03. Agree Realty had a return on equity of 3.94% and a net margin of 35.65%. During the same quarter last year, the company earned $0.84 EPS.

ADC has been the topic of several research reports. Royal Bank of Canada cut their price objective on shares of Agree Realty from $80.00 to $75.00 in a report on Thursday, February 24th. JMP Securities initiated coverage on Agree Realty in a research note on Tuesday, May 10th. They set an “outperform” rating and a $81.00 price objective for the company. Stifel Nicolaus cut their target price on Agree Realty from $81.00 to $80.50 and set a “buy” rating on the stock in a research note on Wednesday, February 23rd. Truist Financial increased their price target on shares of Agree Realty from $74.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Bank of America raised shares of Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $76.00 to $78.00 in a research report on Thursday. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $76.71.

In related news, CEO Joey Agree acquired 1,749 shares of the firm’s stock in a transaction dated Tuesday, March 22nd. The shares were purchased at an average cost of $64.03 per share, for a total transaction of $111,988.47. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ADC. First Trust Advisors LP increased its stake in Agree Realty by 126.4% during the 1st quarter. First Trust Advisors LP now owns 55,316 shares of the real estate investment trust’s stock worth $3,836,000 after buying an additional 30,888 shares during the period. Amundi Pioneer Asset Management Inc. grew its stake in Agree Realty by 2.1% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 59,384 shares of the real estate investment trust’s stock worth $4,118,000 after purchasing an additional 1,243 shares in the last quarter. Morgan Stanley raised its position in Agree Realty by 77.4% in the 2nd quarter. Morgan Stanley now owns 869,942 shares of the real estate investment trust’s stock valued at $61,322,000 after purchasing an additional 379,544 shares in the last quarter. Center for Financial Planning Inc. acquired a new stake in Agree Realty in the 3rd quarter valued at about $1,452,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Agree Realty by 16.1% during the third quarter. Goldman Sachs Group Inc. now owns 352,767 shares of the real estate investment trust’s stock worth $23,363,000 after purchasing an additional 48,880 shares in the last quarter.

Shares of NYSE:ADC traded down $0.45 during trading hours on Friday, hitting $70.01. The company’s stock had a trading volume of 7,369 shares, compared to its average volume of 936,006. The firm’s fifty day moving average price is $68.59 and its 200 day moving average price is $67.18. Agree Realty has a 52 week low of $61.62 and a 52 week high of $75.95. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 39.33, a P/E/G ratio of 2.51 and a beta of 0.40. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 1.04.

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 14th. Stockholders of record on Tuesday, May 31st will be issued a dividend of $0.234 per share. The ex-dividend date of this dividend is Friday, May 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.01%. Agree Realty’s dividend payout ratio is currently 157.87%.

About Agree Realty (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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