Agree Realty Corp. (ADC) Forecasted to Post Q3 2016 Earnings of $0.63 Per Share
Agree Realty Corp. (NYSE:ADC) – Research analysts at FBR & Co issued their Q3 2016 earnings per share (EPS) estimates for Agree Realty Corp. in a report released on Tuesday. FBR & Co analyst D. Corak forecasts that the brokerage will post earnings per share of $0.63 for the quarter. FBR & Co currently has a “Outperform” rating and a $56.00 price target on the stock. FBR & Co also issued estimates for Agree Realty Corp.’s Q4 2016 earnings at $0.65 EPS, FY2016 earnings at $2.49 EPS, Q1 2017 earnings at $0.66 EPS, Q2 2017 earnings at $0.68 EPS, Q3 2017 earnings at $0.69 EPS, Q4 2017 earnings at $0.72 EPS, FY2017 earnings at $2.76 EPS and FY2018 earnings at $2.97 EPS.
A number of other equities analysts have also recently weighed in on the company. Zacks Investment Research raised Agree Realty Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, October 4th. Jefferies Group reissued a “buy” rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Wunderlich lifted their price target on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Stifel Nicolaus assumed coverage on Agree Realty Corp. in a research note on Thursday, July 7th. They issued a “buy” rating and a $54.00 price target on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $47.29.
Agree Realty Corp. (NYSE:ADC) opened at 46.82 on Friday. The company has a 50-day moving average of $47.73 and a 200 day moving average of $45.34. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 23.09 and a beta of 0.65. Agree Realty Corp. has a 12-month low of $30.78 and a 12-month high of $51.33.
Agree Realty Corp. (NYSE:ADC) last posted its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The firm had revenue of $21.84 million for the quarter, compared to analyst estimates of $21.27 million. The company’s revenue was up 26.9% compared to the same quarter last year.
Institutional investors have recently added to or reduced their stakes in the stock. Cohen & Steers Inc. acquired a new position in Agree Realty Corp. during the second quarter valued at $12,490,000. Vanguard Group Inc. boosted its stake in shares of Agree Realty Corp. by 23.6% in the second quarter. Vanguard Group Inc. now owns 2,873,952 shares of the real estate investment trust’s stock valued at $138,640,000 after buying an additional 548,550 shares during the last quarter. FMR LLC boosted its stake in shares of Agree Realty Corp. by 112.3% in the second quarter. FMR LLC now owns 690,710 shares of the real estate investment trust’s stock valued at $33,320,000 after buying an additional 365,400 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in shares of Agree Realty Corp. during the second quarter valued at approximately $17,374,000. Finally, BlackRock Fund Advisors boosted its stake in shares of Agree Realty Corp. by 17.9% in the second quarter. BlackRock Fund Advisors now owns 1,492,484 shares of the real estate investment trust’s stock valued at $71,997,000 after buying an additional 226,976 shares during the last quarter. 80.71% of the stock is currently owned by institutional investors.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $0.48 per share. The ex-dividend date was Wednesday, September 28th. This represents a $1.92 annualized dividend and a yield of 4.10%. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
Agree Realty Corp. Company Profile
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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