The Agree Realty Corp. (ADC) Forecasted to Post Q3 2016 Earnings of $0.63 Per Share

The Agree Realty Corp. (ADC) Forecasted to Post Q3 2016 Earnings of $0.63 Per Share

Agree Realty Corp. (NYSE:ADC) – Research analysts at FBR & Co issued their Q3 2016 earnings per share (EPS) estimates for shares of Agree Realty Corp. in a report issued on Tuesday. FBR & Co analyst D. Corak expects that the brokerage will post earnings of $0.63 per share for the quarter. FBR & Co currently has a “Outperform” rating and a $56.00 price target on the stock. FBR & Co also issued estimates for Agree Realty Corp.’s Q4 2016 earnings at $0.65 EPS, FY2016 earnings at $2.49 EPS, Q1 2017 earnings at $0.66 EPS, Q2 2017 earnings at $0.68 EPS, Q3 2017 earnings at $0.69 EPS, Q4 2017 earnings at $0.72 EPS, FY2017 earnings at $2.76 EPS and FY2018 earnings at $2.97 EPS.

A number of other research firms also recently issued reports on ADC. Stifel Nicolaus initiated coverage on shares of Agree Realty Corp. in a research note on Thursday, July 7th. They set a “buy” rating and a $54.00 price objective on the stock. Jefferies Group reissued a “buy” rating on shares of Agree Realty Corp. in a research report on Monday, August 29th. Zacks Investment Research raised shares of Agree Realty Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, October 4th. Finally, Wunderlich increased their target price on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $47.29.

Shares of Agree Realty Corp. (NYSE:ADC) opened at 46.82 on Friday. The stock’s 50 day moving average is $47.73 and its 200-day moving average is $45.34. Agree Realty Corp. has a 12 month low of $30.78 and a 12 month high of $51.33. The company has a market cap of $1.10 billion, a P/E ratio of 23.09 and a beta of 0.65.

Agree Realty Corp. (NYSE:ADC) last issued its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The firm earned $21.84 million during the quarter, compared to the consensus estimate of $21.27 million. The business’s revenue was up 26.9% on a year-over-year basis.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services Inc bought a new position in Agree Realty Corp. during the first quarter worth about $562,000. Aperio Group LLC boosted its position in Agree Realty Corp. by 26.2% in the first quarter. Aperio Group LLC now owns 7,723 shares of the real estate investment trust’s stock worth $297,000 after buying an additional 1,602 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Agree Realty Corp. by 5.2% in the first quarter. TIAA CREF Investment Management LLC now owns 70,024 shares of the real estate investment trust’s stock worth $2,694,000 after buying an additional 3,438 shares in the last quarter. Teachers Advisors Inc. boosted its position in Agree Realty Corp. by 24.7% in the first quarter. Teachers Advisors Inc. now owns 30,627 shares of the real estate investment trust’s stock worth $1,178,000 after buying an additional 6,069 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Agree Realty Corp. by 19.5% in the first quarter. BlackRock Inc. now owns 20,421 shares of the real estate investment trust’s stock worth $786,000 after buying an additional 3,338 shares in the last quarter. 80.71% of the stock is owned by institutional investors and hedge funds.

The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a $0.48 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.10%. Agree Realty Corp.’s dividend payout ratio is currently 93.20%.

About Agree Realty Corp.

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