Agree Realty Co. (NYSE:ADC) – Stock analysts at SunTrust Banks dropped their FY2018 earnings estimates for shares of Agree Realty in a note issued to investors on Wednesday. SunTrust Banks analyst K. Kim now anticipates that the real estate investment trust will post earnings per share of $2.91 for the year, down from their previous forecast of $2.92. SunTrust Banks also issued estimates for Agree Realty’s FY2019 earnings at $3.14 EPS, FY2020 earnings at $3.31 EPS and FY2021 earnings at $3.47 EPS.
Several other equities research analysts also recently commented on ADC. FBR & Co restated a “buy” rating and set a $58.00 price objective (up previously from $56.00) on shares of Agree Realty in a report on Monday, September 18th. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 price objective on shares of Agree Realty in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Agree Realty in a research report on Tuesday, October 24th. Zacks Investment Research raised Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday, October 25th. Finally, B. Riley reissued a “buy” rating on shares of Agree Realty in a research report on Wednesday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $54.63.
Agree Realty (NYSE:ADC) last issued 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 Zacks’ consensus estimate of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million for the quarter, compared to the consensus estimate of $29.48 million. During the same quarter last year, the business earned $0.66 earnings per share. Agree Realty’s revenue was up 25.8% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th were paid a $0.52 dividend. The ex-dividend date was Tuesday, December 19th. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 4.18%. Agree Realty’s payout ratio is presently 101.46%.
In related news, Director John Rakolta, Jr. acquired 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were bought at an average cost of $49.67 per share, for a total transaction of $163,911.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Clayton R. Thelen acquired 1,010 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were bought at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the completion of the purchase, the chief financial officer now owns 5,073 shares in the company, valued at approximately $251,417.88. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC raised its stake in shares of Agree Realty by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after purchasing an additional 1,263 shares during the period. Bank of Montreal Can raised its stake in shares of Agree Realty by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 1,868 shares during the period. SG Americas Securities LLC bought a new stake in shares of Agree Realty during the 2nd quarter valued at $127,000. Victory Capital Management Inc. raised its stake in shares of Agree Realty by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,815 shares during the period. Finally, Pinebridge Investments L.P. raised its stake in shares of Agree Realty by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock valued at $158,000 after purchasing an additional 34 shares during the period. Institutional investors own 87.20% of the company’s stock.
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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).
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