Agree Realty Corporation (ADC) Expected to Announce Quarterly Sales of $30.92 Million

Brokerages forecast that Agree Realty Corporation (NYSE:ADC) will report sales of $30.92 million for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Agree Realty Corporation’s earnings, with the highest sales estimate coming in at $32.19 million and the lowest estimate coming in at $29.62 million. Agree Realty Corporation reported sales of $25.30 million during the same quarter last year, which indicates a positive year-over-year growth rate of 22.2%. The company is expected to announce its next earnings results on Thursday, February 22nd.

On average, analysts expect that Agree Realty Corporation will report full year sales of $30.92 million for the current fiscal year, with estimates ranging from $114.42 million to $117.22 million. For the next year, analysts expect that the business will post sales of $135.69 million per share, with estimates ranging from $121.68 million to $146.00 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Agree Realty Corporation.

Agree Realty Corporation (NYSE:ADC) last released its earnings results 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). The company had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. Agree Realty Corporation had a net margin of 49.26% and a return on equity of 7.27%. The firm’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 EPS.

A number of brokerages have commented on ADC. B. Riley restated a “buy” rating on shares of Agree Realty Corporation in a research note on Wednesday, November 1st. Canaccord Genuity restated a “buy” rating and set a $53.00 price target on shares of Agree Realty Corporation in a research note on Monday, July 24th. BidaskClub upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Stifel Nicolaus restated a “buy” rating and set a $54.00 price target on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Finally, FBR & Co restated a “buy” rating and set a $58.00 price target on shares of Agree Realty Corporation in a research note on Tuesday, October 24th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $52.78.

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Several hedge funds and other institutional investors have recently bought and sold shares of ADC. BlackRock Inc. grew its stake in shares of Agree Realty Corporation by 4,812.0% in the 1st quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock worth $178,099,000 after acquiring an additional 3,637,882 shares in the last quarter. William Blair Investment Management LLC bought a new position in Agree Realty Corporation during the second quarter valued at about $17,580,000. Vanguard Group Inc. grew its position in Agree Realty Corporation by 6.5% during the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock valued at $161,161,000 after buying an additional 214,773 shares during the period. Eagle Asset Management Inc. grew its position in Agree Realty Corporation by 130.5% during the third quarter. Eagle Asset Management Inc. now owns 307,458 shares of the real estate investment trust’s stock valued at $15,280,000 after buying an additional 174,054 shares during the period. Finally, Franklin Resources Inc. bought a new position in Agree Realty Corporation during the second quarter valued at about $6,650,000. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Shares of Agree Realty Corporation (NYSE:ADC) traded up $0.52 during mid-day trading on Friday, reaching $49.54. 130,700 shares of the company’s stock were exchanged, compared to its average volume of 201,751. The company has a market cap of $1,450.00, a price-to-earnings ratio of 18.50, a PEG ratio of 3.62 and a beta of 0.55. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a fifty-two week low of $42.88 and a fifty-two week high of $51.50.

About Agree Realty Corporation

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 Corporation (NYSE:ADC)

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