Agree Realty (NYSE:ADC) Posts Earnings Results, Misses Expectations By $0.35 EPS

Agree Realty (NYSE:ADC) released its quarterly earnings results on Monday. The real estate investment trust reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.35), MarketWatch Earnings reports. Agree Realty had a net margin of 39.39% and a return on equity of 4.76%.

Shares of ADC stock traded down $0.01 during trading hours on Tuesday, hitting $70.99. 719,370 shares of the company’s stock traded hands, compared to its average volume of 720,389. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.51. The stock’s fifty day simple moving average is $68.59 and its two-hundred day simple moving average is $65.86. Agree Realty has a 12-month low of $54.94 and a 12-month high of $73.00. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of 38.59 and a beta of 0.25.

The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 14th. Shareholders of record on Friday, April 30th will be issued a $0.217 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Thursday, April 29th. This is a boost from Agree Realty’s previous monthly dividend of $0.21. Agree Realty’s dividend payout ratio is 84.42%.

A number of equities research analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of Agree Realty from $67.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, April 19th. Stifel Nicolaus lifted their price objective on Agree Realty from $73.50 to $74.25 and gave the company a “buy” rating in a research report on Thursday, April 15th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $75.61.

In other news, CEO Joey Agree acquired 7,870 shares of Agree Realty stock in a transaction on Tuesday, March 2nd. The stock was acquired at an average cost of $63.61 per share, for a total transaction of $500,610.70. Following the purchase, the chief executive officer now owns 444,151 shares in the company, valued at $28,252,445.11. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Simon Leopold bought 2,000 shares of the company’s stock in a transaction dated Tuesday, March 2nd. The stock was purchased at an average price of $63.75 per share, for a total transaction of $127,500.00. Following the purchase, the chief financial officer now owns 17,529 shares of the company’s stock, valued at approximately $1,117,473.75. The disclosure for this purchase can be found here. Insiders purchased a total of 19,870 shares of company stock worth $1,263,111 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

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 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 for Agree Realty (NYSE:ADC)

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