B. Riley Comments on Agree Realty Co.’s FY2017 Earnings (ADC)

Agree Realty Co. (NYSE:ADC) – Equities researchers at B. Riley dropped their FY2017 EPS estimates for shares of Agree Realty in a research note issued on Wednesday. B. Riley analyst D. Corak now forecasts that the real estate investment trust will post earnings per share of $2.69 for the year, down from their prior estimate of $2.71. B. Riley has a “Buy” rating and a $58.00 price target on the stock. B. Riley also issued estimates for Agree Realty’s Q4 2017 earnings at $0.68 EPS, Q1 2018 earnings at $0.69 EPS, Q2 2018 earnings at $0.72 EPS, Q3 2018 earnings at $0.74 EPS, Q4 2018 earnings at $0.76 EPS, FY2018 earnings at $2.91 EPS, Q2 2019 earnings at $0.77 EPS, Q3 2019 earnings at $0.79 EPS, Q4 2019 earnings at $0.82 EPS and FY2019 earnings at $3.15 EPS.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27). Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The company had revenue of $30.39 million for the quarter, compared to analysts’ expectations of $29.48 million. During the same period in the prior year, the firm earned $0.66 earnings per share. The firm’s quarterly revenue was up 25.8% on a year-over-year basis.

Several other analysts have also recently issued reports on ADC. FBR & Co reissued a “buy” rating and set a $58.00 price objective (up from $56.00) on shares of Agree Realty in a research note on Monday, September 18th. Stifel Nicolaus reissued a “buy” rating and set a $54.00 price objective on shares of Agree Realty in a research note on Tuesday, October 24th. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Agree Realty in a research note on Tuesday, October 24th. Zacks Investment Research raised shares of Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Wednesday, October 25th. Finally, ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $54.63.

Shares of Agree Realty (NYSE:ADC) opened at $49.75 on Thursday. Agree Realty has a 12 month low of $44.28 and a 12 month high of $53.65. The stock has a market cap of $1,470.00, a price-to-earnings ratio of 24.27, a PEG ratio of 3.47 and a beta of 0.56. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59.

Institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP lifted its holdings in Agree Realty by 20.8% in the 3rd quarter. GSA Capital Partners LLP now owns 34,515 shares of the real estate investment trust’s stock worth $1,694,000 after buying an additional 5,947 shares in the last quarter. Sterling Capital Management LLC acquired a new position in Agree Realty in the 3rd quarter worth $989,000. California Public Employees Retirement System lifted its holdings in Agree Realty by 7.3% in the 3rd quarter. California Public Employees Retirement System now owns 45,079 shares of the real estate investment trust’s stock worth $2,212,000 after buying an additional 3,079 shares in the last quarter. Boothbay Fund Management LLC lifted its holdings in Agree Realty by 18.6% in the 3rd quarter. Boothbay Fund Management LLC now owns 11,488 shares of the real estate investment trust’s stock worth $564,000 after buying an additional 1,800 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. lifted its holdings in Agree Realty by 2.1% in the 3rd quarter. Uniplan Investment Counsel Inc. now owns 403,356 shares of the real estate investment trust’s stock worth $19,796,000 after buying an additional 8,196 shares in the last quarter. 87.20% of the stock is owned by hedge funds and other institutional investors.

In other Agree Realty news, CFO Clayton R. Thelen purchased 1,010 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average cost of $49.56 per share, with a total value of $50,055.60. Following the transaction, the chief financial officer now owns 5,073 shares in the company, valued at $251,417.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. purchased 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were acquired at an average cost of $49.67 per share, with a total value of $163,911.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by corporate insiders.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.18%. This is a boost from Agree Realty’s previous quarterly dividend of $0.51. The ex-dividend date was Tuesday, December 19th. Agree Realty’s dividend payout ratio is 101.46%.

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About Agree Realty

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). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

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

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