Brokerages predict that Agree Realty Co. (NYSE:ADC) will announce sales of $44.05 million for the current quarter, according to Zacks. Five analysts have made estimates for Agree Realty’s earnings. The lowest sales estimate is $42.52 million and the highest is $44.75 million. Agree Realty posted sales of $35.71 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 23.4%. The company is expected to issue its next quarterly earnings report after the market closes on Monday, July 22nd.
On average, analysts expect that Agree Realty will report full year sales of $180.01 million for the current financial year, with estimates ranging from $170.41 million to $183.63 million. For the next financial year, analysts expect that the company will post sales of $210.21 million, with estimates ranging from $173.15 million to $225.39 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Agree Realty.
Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.26). The company had revenue of $42.35 million during the quarter, compared to analysts’ expectations of $43.77 million. Agree Realty had a net margin of 38.49% and a return on equity of 5.33%.
Shares of ADC stock traded down $0.07 during trading on Friday, reaching $64.75. The company’s stock had a trading volume of 259,638 shares, compared to its average volume of 306,827. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. The firm has a market cap of $2.71 billion, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 3.68 and a beta of 0.08. The company has a 50-day simple moving average of $66.05. Agree Realty has a 1-year low of $50.72 and a 1-year high of $70.25.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a $0.57 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.52%. This is a boost from Agree Realty’s previous quarterly dividend of $0.56. Agree Realty’s payout ratio is 80.00%.
In other news, Director John Rakolta, Jr. purchased 10,000 shares of the stock in a transaction on Wednesday, June 26th. The stock was bought at an average price of $64.20 per share, for a total transaction of $642,000.00. Following the acquisition, the director now directly owns 216,088 shares of the company’s stock, valued at approximately $13,872,849.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Erlich purchased 750 shares of the stock in a transaction on Wednesday, May 22nd. The shares were purchased at an average price of $67.47 per share, with a total value of $50,602.50. Following the acquisition, the director now directly owns 13,023 shares in the company, valued at $878,661.81. The disclosure for this purchase can be found here. Insiders purchased 17,601 shares of company stock valued at $1,145,935 in the last 90 days. Company insiders own 3.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ADC. Oregon Public Employees Retirement Fund raised its position in Agree Realty by 12.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 14,954 shares of the real estate investment trust’s stock worth $958,000 after buying an additional 1,600 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Agree Realty by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the real estate investment trust’s stock valued at $935,000 after purchasing an additional 300 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Agree Realty by 87.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,567 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 1,667 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its holdings in shares of Agree Realty by 31.7% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 3,872 shares of the real estate investment trust’s stock valued at $248,000 after purchasing an additional 931 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its holdings in shares of Agree Realty by 2.1% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 59,384 shares of the real estate investment trust’s stock valued at $4,118,000 after purchasing an additional 1,243 shares in the last quarter. Institutional investors own 97.32% of the company’s stock.
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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