Equities Analysts Set Expectations for Agree Realty Co.’s Q3 2018 Earnings (ADC)
Agree Realty Co. (NYSE:ADC) – Equities researchers at Jefferies Financial Group decreased their Q3 2018 earnings per share estimates for Agree Realty in a note issued to investors on Monday, September 17th. Jefferies Financial Group analyst G. Hoglund now expects that the real estate investment trust will post earnings per share of $0.71 for the quarter, down from their prior forecast of $0.74. Jefferies Financial Group has a “Hold” rating and a $58.00 price objective on the stock. Jefferies Financial Group also issued estimates for Agree Realty’s Q4 2019 earnings at $0.79 EPS, FY2019 earnings at $3.10 EPS, Q1 2020 earnings at $0.81 EPS and FY2020 earnings at $3.28 EPS.
ADC has been the topic of a number of other reports. Stifel Nicolaus increased their price objective on shares of Agree Realty from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Wells Fargo & Co set a $63.00 price objective on shares of Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, September 4th. ValuEngine lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Friday, June 1st. Finally, SunTrust Banks set a $57.00 price objective on shares of Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, August 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $57.63.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.06. Agree Realty had a net margin of 43.90% and a return on equity of 6.53%. The company had revenue of $35.71 million for the quarter, compared to analyst estimates of $35.50 million.
A number of hedge funds have recently modified their holdings of the business. Northern Trust Corp grew its stake in Agree Realty by 4.9% in the 2nd quarter. Northern Trust Corp now owns 956,488 shares of the real estate investment trust’s stock worth $50,473,000 after acquiring an additional 44,653 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Agree Realty by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 843,492 shares of the real estate investment trust’s stock worth $44,510,000 after acquiring an additional 24,630 shares in the last quarter. Waddell & Reed Financial Inc. bought a new position in Agree Realty in the 2nd quarter worth about $9,251,000. Metropolitan Life Insurance Co. NY grew its stake in Agree Realty by 13.6% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 12,313 shares of the real estate investment trust’s stock worth $650,000 after acquiring an additional 1,473 shares in the last quarter. Finally, Vident Investment Advisory LLC bought a new position in Agree Realty in the 2nd quarter worth about $242,000. Institutional investors and hedge funds own 96.31% of the company’s stock.
In related news, Director John Rakolta, Jr. bought 13,274 shares of the company’s stock in a transaction on Wednesday, September 5th. The shares were acquired at an average cost of $54.80 per share, for a total transaction of $727,415.20. Following the purchase, the director now directly owns 12,000 shares of the company’s stock, valued at $657,600. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Richard Agree bought 6,000 shares of the company’s stock in a transaction on Thursday, September 6th. The stock was bought at an average price of $54.77 per share, for a total transaction of $328,620.00. Following the completion of the purchase, the insider now directly owns 417,966 shares in the company, valued at $22,891,997.82. The disclosure for this purchase can be found here. Insiders acquired a total of 19,494 shares of company stock worth $1,067,618 over the last 90 days. Insiders own 3.70% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 3.93%. Agree Realty’s dividend payout ratio is currently 79.41%.
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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.
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