Agree Realty Co. (NYSE:ADC) – Equities research analysts at SunTrust Banks lifted their FY2020 earnings estimates for shares of Agree Realty in a report released on Monday, June 10th. SunTrust Banks analyst K. Kim now anticipates that the real estate investment trust will post earnings per share of $3.27 for the year, up from their prior estimate of $3.26. SunTrust Banks also issued estimates for Agree Realty’s FY2021 earnings at $3.51 EPS, FY2022 earnings at $3.71 EPS and FY2023 earnings at $3.92 EPS.
A number of other research firms also recently commented on ADC. Wells Fargo & Co upped their price objective on Agree Realty from $67.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, March 18th. They noted that the move was a valuation call. Citigroup upped their price objective on Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, February 27th. Finally, Raymond James upped their price objective on Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Agree Realty currently has a consensus rating of “Buy” and a consensus price target of $66.33.
Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.26). The firm had revenue of $42.35 million for the quarter, compared to analyst estimates of $43.77 million. Agree Realty had a return on equity of 5.33% and a net margin of 38.49%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. American International Group Inc. increased its holdings in Agree Realty by 9.8% in the 4th quarter. American International Group Inc. now owns 26,131 shares of the real estate investment trust’s stock valued at $1,545,000 after purchasing an additional 2,335 shares in the last quarter. Centersquare Investment Management LLC increased its holdings in Agree Realty by 155.4% in the 1st quarter. Centersquare Investment Management LLC now owns 104,700 shares of the real estate investment trust’s stock valued at $7,260,000 after purchasing an additional 63,700 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Agree Realty by 10.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 517,960 shares of the real estate investment trust’s stock valued at $30,622,000 after buying an additional 48,045 shares during the last quarter. Castleark Management LLC purchased a new position in Agree Realty in the 4th quarter valued at about $6,725,000. Finally, Prudential Financial Inc. boosted its position in Agree Realty by 8.6% in the 4th quarter. Prudential Financial Inc. now owns 55,830 shares of the real estate investment trust’s stock valued at $3,301,000 after buying an additional 4,440 shares during the last quarter. Hedge funds and other institutional investors own 97.69% of the company’s stock.
In related news, Director Farris G. Kalil sold 701 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $69.49, for a total value of $48,712.49. Following the completion of the sale, the director now directly owns 9,034 shares in the company, valued at approximately $627,772.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Craig Erlich purchased 750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was bought at an average price of $67.47 per share, with a total value of $50,602.50. Following the completion of the acquisition, the director now owns 13,023 shares in the company, valued at approximately $878,661.81. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.57 dividend. This is an increase from Agree Realty’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Thursday, June 27th. Agree Realty’s dividend payout ratio is currently 77.89%.
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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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