Analysts forecast that Agree Realty Co. (NYSE:ADC) will announce $68.61 million in sales for the current quarter, Zacks reports. Six analysts have made estimates for Agree Realty's earnings, with the lowest sales estimate coming in at $63.96 million and the highest estimate coming in at $72.11 million. Agree Realty reported sales of $52.14 million during the same quarter last year, which would suggest a positive year over year growth rate of 31.6%. The firm is expected to issue its next quarterly earnings results on Thursday, February 18th.
According to Zacks, analysts expect that Agree Realty will report full year sales of $245.14 million for the current fiscal year, with estimates ranging from $241.12 million to $249.07 million. For the next fiscal year, analysts forecast that the firm will report sales of $309.89 million, with estimates ranging from $256.39 million to $336.53 million. Zacks Investment Research's sales calculations are a mean average based on a survey of sell-side research firms that cover Agree Realty.
Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, October 19th. The real estate investment trust reported $0.39 EPS for the quarter, missing the Zacks' consensus estimate of $0.79 by ($0.40). Agree Realty had a net margin of 39.39% and a return on equity of 4.76%.
A number of research firms have recently commented on ADC. Mizuho began coverage on shares of Agree Realty in a research report on Tuesday, September 29th. They issued a "buy" rating and a $71.00 price target on the stock. Raymond James began coverage on shares of Agree Realty in a research report on Friday, October 2nd. They issued a "strong-buy" rating and a $82.00 price target on the stock. Zacks Investment Research lowered shares of Agree Realty from a "buy" rating to a "hold" rating in a research report on Monday, September 14th. Finally, BTIG Research assumed coverage on shares of Agree Realty in a research note on Monday, October 12th. They issued a "buy" rating and a $74.00 price objective on the stock. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of "Buy" and a consensus target price of $74.91.
In other Agree Realty news, CEO Joey Agree purchased 7,235 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average cost of $65.58 per share, with a total value of $474,471.30. Following the completion of the acquisition, the chief executive officer now directly owns 380,462 shares of the company's stock, valued at approximately $24,950,697.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Rubenfaer purchased 1,500 shares of the business's stock in a transaction that occurred on Friday, November 6th. The stock was acquired at an average cost of $62.99 per share, with a total value of $94,485.00. Following the completion of the acquisition, the director now directly owns 25,423 shares of the company's stock, valued at $1,601,394.77. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Copper Rock Capital Partners LLC grew its position in shares of Agree Realty by 4,204.7% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 9,999,690 shares of the real estate investment trust's stock valued at $638,483,000 after purchasing an additional 9,767,391 shares during the period. Vanguard Group Inc. grew its position in shares of Agree Realty by 11.5% in the 2nd quarter. Vanguard Group Inc. now owns 7,908,551 shares of the real estate investment trust's stock valued at $519,671,000 after purchasing an additional 818,313 shares during the period. Heitman Real Estate Securities LLC grew its position in shares of Agree Realty by 282.5% in the 3rd quarter. Heitman Real Estate Securities LLC now owns 722,400 shares of the real estate investment trust's stock valued at $45,974,000 after purchasing an additional 533,560 shares during the period. Principal Financial Group Inc. grew its position in shares of Agree Realty by 24.7% in the 2nd quarter. Principal Financial Group Inc. now owns 1,777,861 shares of the real estate investment trust's stock valued at $116,823,000 after purchasing an additional 351,920 shares during the period. Finally, GW&K Investment Management LLC grew its position in shares of Agree Realty by 5,953.1% in the 3rd quarter. GW&K Investment Management LLC now owns 319,726 shares of the real estate investment trust's stock valued at $20,347,000 after purchasing an additional 314,444 shares during the period.
NYSE:ADC opened at $65.88 on Friday. Agree Realty has a 12 month low of $45.23 and a 12 month high of $80.51. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 35.80 and a beta of 0.22. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.51. The company's 50 day moving average is $65.19 and its 200-day moving average is $65.30.
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 September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.
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