SunTrust Banks Analysts Reduce Earnings Estimates for Agree Realty Co. (NYSE:ADC)

Agree Realty Co. (NYSE:ADC) – Stock analysts at SunTrust Banks dropped their FY2018 EPS estimates for Agree Realty in a note issued to investors on Wednesday, Zacks Investment Research reports. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will earn $2.91 per share for the year, down from their prior estimate 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.

Other equities analysts have also recently issued research reports about the company. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, December 14th. Zacks Investment Research raised Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, October 25th. FBR & Co reaffirmed a “buy” rating and issued a $58.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Agree Realty currently has a consensus rating of “Buy” and a consensus target price of $54.63.

Agree Realty (NYSE ADC) traded down $0.05 during midday trading on Monday, reaching $48.90. The company’s stock had a trading volume of 222,460 shares, compared to its average volume of 275,324. The stock has a market cap of $1,430.00, a PE ratio of 23.85, a PEG ratio of 3.37 and a beta of 0.56. Agree Realty has a 52-week low of $44.28 and a 52-week high of $53.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63.

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

The company 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 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 4.25%. The ex-dividend date of this dividend was Tuesday, December 19th. Agree Realty’s dividend payout ratio is currently 101.46%.

In other news, CFO Clayton R. Thelen purchased 1,010 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were acquired 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 approximately $251,417.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. purchased 3,300 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were purchased at an average cost of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of ADC. Bank of Montreal Can raised its position 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 acquiring an additional 1,868 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Agree Realty by 4.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 116,285 shares of the real estate investment trust’s stock valued at $5,334,000 after acquiring an additional 4,796 shares in the last quarter. Rhumbline Advisers raised its position in shares of Agree Realty by 4.5% during the 2nd quarter. Rhumbline Advisers now owns 61,371 shares of the real estate investment trust’s stock valued at $2,815,000 after acquiring an additional 2,667 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Agree Realty during the 2nd quarter valued at approximately $127,000. Finally, Bank of New York Mellon Corp raised its position in shares of Agree Realty by 1.2% during the 2nd 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 acquiring an additional 8,328 shares in the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.

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

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