FY2023 Earnings Forecast for Agree Realty Co. Issued By Jefferies Financial Group (NYSE:ADC)


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Agree Realty Co. (NYSE:ADC) – Equities research analysts at Jefferies Financial Group lowered their FY2023 earnings estimates for shares of Agree Realty in a report issued on Wednesday, January 13th. Jefferies Financial Group analyst J. Petersen now anticipates that the real estate investment trust will earn $3.88 per share for the year, down from their previous estimate of $4.07.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Monday, October 19th. The real estate investment trust reported $0.39 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.40). Agree Realty had a net margin of 39.39% and a return on equity of 4.76%.

ADC has been the subject of a number of other reports. Mizuho started coverage on Agree Realty in a research report on Tuesday, September 29th. They issued a “buy” rating and a $71.00 price objective for the company. Raymond James started coverage on Agree Realty in a research report on Friday, October 2nd. They issued a “strong-buy” rating and a $82.00 price objective for the company. Finally, BTIG Research initiated coverage on Agree Realty in a research report on Monday, October 12th. They issued a “buy” rating and a $74.00 price objective for the company. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $74.20.

Shares of ADC traded down $0.48 during mid-day trading on Thursday, reaching $62.73. The company’s stock had a trading volume of 1,494 shares, compared to its average volume of 1,009,652. Agree Realty has a 1-year low of $45.23 and a 1-year high of $80.51. The stock has a market cap of $3.77 billion, a P/E ratio of 34.35 and a beta of 0.25. The business has a 50-day simple moving average of $65.48 and a two-hundred day simple moving average of $65.54. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.51.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 23rd were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend was Tuesday, December 22nd. This is a positive change from Agree Realty’s previous quarterly dividend of $0.60. Agree Realty’s dividend payout ratio (DPR) is 80.52%.

In other Agree Realty news, Director William S. Rubenfaer bought 1,500 shares of Agree Realty stock in a transaction on Friday, November 6th. The shares were purchased at an average price of $62.99 per share, with a total value of $94,485.00. Following the acquisition, the director now owns 25,423 shares in the company, valued at approximately $1,601,394.77. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joey Agree bought 7,235 shares of Agree Realty stock in a transaction on Thursday, October 22nd. The stock was acquired at an average cost of $65.58 per share, for a total transaction of $474,471.30. Following the acquisition, the chief executive officer now owns 380,462 shares in the company, valued at approximately $24,950,697.96. The disclosure for this purchase can be found here. 2.30% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of ADC. Heitman Real Estate Securities LLC boosted its holdings in shares of Agree Realty by 282.5% in the 3rd quarter. Heitman Real Estate Securities LLC now owns 722,400 shares of the real estate investment trust’s stock valued at $45,974,000 after purchasing an additional 533,560 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Agree Realty by 24.7% in the 2nd quarter. Principal Financial Group Inc. now owns 1,777,861 shares of the real estate investment trust’s stock valued at $116,823,000 after purchasing an additional 351,920 shares in the last quarter. GW&K Investment Management LLC boosted its holdings in shares of Agree Realty by 5,953.1% in the 3rd quarter. GW&K Investment Management LLC now owns 319,726 shares of the real estate investment trust’s stock valued at $20,347,000 after purchasing an additional 314,444 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Agree Realty by 109.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 579,467 shares of the real estate investment trust’s stock valued at $38,077,000 after acquiring an additional 302,819 shares in the last quarter. Finally, Lasalle Investment Management Securities LLC boosted its holdings in shares of Agree Realty by 82.6% during the 3rd quarter. Lasalle Investment Management Securities LLC now owns 618,877 shares of the real estate investment trust’s stock valued at $39,385,000 after acquiring an additional 279,902 shares in the last quarter.

Agree Realty Company Profile

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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Earnings History and Estimates for Agree Realty (NYSE:ADC)

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