Agree Realty Corp. (NYSE:ADC) – FBR & Co issued their Q3 2016 EPS estimates for shares of Agree Realty Corp. in a research note issued on Tuesday. FBR & Co analyst D. Corak forecasts that the firm will post earnings of $0.63 per share for the quarter. FBR & Co has a “Outperform” rating and a $56.00 price objective 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.
Agree Realty Corp. (NYSE:ADC) last announced its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The company earned $21.84 million during the quarter, compared to the consensus estimate of $21.27 million. The company’s revenue for the quarter was up 26.9% on a year-over-year basis.
Several other research firms have also recently weighed in on ADC. Stifel Nicolaus started coverage on Agree Realty Corp. in a research report on Thursday, July 7th. They issued a “buy” rating and a $54.00 price objective for the company. Jefferies Group reissued a “buy” rating on shares of Agree Realty Corp. in a research report on Monday, August 29th. Zacks Investment Research raised Agree Realty Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, October 4th. Finally, Wunderlich increased their price objective on Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $47.29.
Agree Realty Corp. (NYSE:ADC) opened at 46.82 on Friday. The firm has a market cap of $1.10 billion, a P/E ratio of 23.09 and a beta of 0.65. Agree Realty Corp. has a one year low of $30.78 and a one year high of $51.33. The stock’s 50 day moving average is $47.73 and its 200 day moving average is $45.34.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a $0.48 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.10%. Agree Realty Corp.’s payout ratio is 93.20%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cohen & Steers Inc. bought a new position in Agree Realty Corp. during the second quarter valued at about $12,490,000. Vanguard Group Inc. raised its position in 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 in the last quarter. FMR LLC raised its position in 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 in the last quarter. Mesirow Financial Investment Management Equity Management bought a new position in Agree Realty Corp. during the second quarter valued at about $17,374,000. Finally, BlackRock Fund Advisors raised its position in 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 in the last quarter. Institutional investors and hedge funds own 80.71% of the company’s stock.
About Agree Realty Corp.
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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