SunTrust Banks Weighs in on Agree Realty Corporation’s FY2017 Earnings (ADC)
Agree Realty Corporation (NYSE:ADC) – Stock analysts at SunTrust Banks lowered their FY2017 earnings estimates for Agree Realty Corporation in a research report issued on Monday. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings of $2.71 per share for the year, down from their prior forecast of $2.73. SunTrust Banks also issued estimates for Agree Realty Corporation’s Q4 2017 earnings at $0.70 EPS, FY2018 earnings at $2.91 EPS, FY2019 earnings at $3.11 EPS, FY2020 earnings at $3.32 EPS and FY2021 earnings at $3.48 EPS.
Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The company had revenue of $28.10 million during the quarter, compared to analyst estimates of $27.66 million. During the same period in the previous year, the company earned $0.62 earnings per share. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. ILLEGAL ACTIVITY WARNING: This story was published by Daily Political and is the property of of Daily Political. If you are accessing this story on another site, it was copied illegally and republished in violation of international trademark and copyright law. The original version of this story can be viewed at https://www.dailypolitical.com/2017/08/04/suntrust-banks-weighs-in-on-agree-realty-corporations-fy2017-earnings-adc.html.
Several other research analysts also recently commented on ADC. Jefferies Group LLC reiterated a “hold” rating and set a $49.00 target price on shares of Agree Realty Corporation in a research note on Monday, April 17th. Stifel Nicolaus lifted their target price on Agree Realty Corporation from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. FBR & Co reissued a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 6th. Raymond James Financial, Inc. reissued a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 20th. Finally, BidaskClub raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $51.89.
Shares of Agree Realty Corporation (NYSE:ADC) traded up 0.42% on Wednesday, hitting $49.78. The stock had a trading volume of 146,918 shares. The company has a market cap of $1.41 billion, a PE ratio of 22.39 and a beta of 0.59. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The stock’s 50-day moving average price is $47.29 and its 200 day moving average price is $47.48.
A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Agree Realty Corporation by 4,812.0% in the first quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock valued at $178,099,000 after buying an additional 3,637,882 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Agree Realty Corporation by 1.9% in the first quarter. Vanguard Group Inc. now owns 3,298,645 shares of the real estate investment trust’s stock valued at $158,203,000 after buying an additional 60,662 shares in the last quarter. State Street Corp boosted its position in shares of Agree Realty Corporation by 9.8% in the first quarter. State Street Corp now owns 716,468 shares of the real estate investment trust’s stock valued at $34,363,000 after buying an additional 63,748 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Agree Realty Corporation by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 710,557 shares of the real estate investment trust’s stock valued at $32,593,000 after buying an additional 8,328 shares in the last quarter. Finally, Edge Asset Management Inc. boosted its position in shares of Agree Realty Corporation by 8.2% in the first quarter. Edge Asset Management Inc. now owns 452,069 shares of the real estate investment trust’s stock valued at $21,681,000 after buying an additional 34,360 shares in the last quarter. 81.03% of the stock is owned by institutional investors and hedge funds.
In other news, Director William S. Rubenfaer purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was acquired at an average cost of $44.92 per share, with a total value of $112,300.00. Following the acquisition, the director now owns 20,101 shares in the company, valued at approximately $902,936.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.40% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.505 per share. This is a boost from Agree Realty Corporation’s previous quarterly dividend of $0.50. This represents a $2.02 annualized dividend and a yield of 4.08%. The ex-dividend date was Wednesday, June 28th. Agree Realty Corporation’s dividend payout ratio (DPR) is presently 90.58%.
Agree Realty Corporation Company Profile
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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