Zacks: Analysts Anticipate Agree Realty Co. (NYSE:ADC) Will Announce Quarterly Sales of $87.36 Million

Wall Street brokerages expect that Agree Realty Co. (NYSE:ADC) will post sales of $87.36 million for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Agree Realty’s earnings, with the highest sales estimate coming in at $88.85 million and the lowest estimate coming in at $82.69 million. Agree Realty posted sales of $63.81 million during the same quarter last year, which would suggest a positive year over year growth rate of 36.9%. The business is scheduled to report its next quarterly earnings results after the market closes on Monday, November 1st.

According to Zacks, analysts expect that Agree Realty will report full year sales of $339.77 million for the current year, with estimates ranging from $325.79 million to $344.71 million. For the next financial year, analysts expect that the business will report sales of $414.62 million, with estimates ranging from $332.59 million to $449.59 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Agree Realty.

Agree Realty (NYSE:ADC) last posted its earnings results on Sunday, July 25th. The real estate investment trust reported $0.34 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.12). Agree Realty had a net margin of 32.93% and a return on equity of 3.64%.

ADC has been the topic of a number of analyst reports. Truist increased their price target on Agree Realty from $78.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Wells Fargo & Company increased their price target on Agree Realty from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, June 25th. Truist Securities increased their price target on Agree Realty from $78.00 to $83.00 and gave the stock a “buy” rating in a research report on Saturday, July 31st. Zacks Investment Research downgraded Agree Realty from a “buy” rating to a “hold” rating in a report on Monday, September 6th. Finally, Royal Bank of Canada began coverage on Agree Realty in a report on Friday, September 17th. They issued an “outperform” rating and a $80.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $80.16.

In other news, CEO Joey Agree purchased 3,670 shares of the company’s stock in a transaction dated Friday, September 24th. The stock was bought at an average cost of $67.56 per share, for a total transaction of $247,945.20. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard Agree purchased 6,000 shares of the company’s stock in a transaction dated Tuesday, September 28th. The stock was purchased at an average price of $67.06 per share, with a total value of $402,360.00. The disclosure for this purchase can be found here. Insiders bought a total of 30,443 shares of company stock valued at $2,040,283 over the last quarter. 2.20% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in ADC. First Trust Advisors LP raised its position in Agree Realty by 126.4% during the 1st quarter. First Trust Advisors LP now owns 55,316 shares of the real estate investment trust’s stock worth $3,836,000 after purchasing an additional 30,888 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in Agree Realty by 2.1% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 59,384 shares of the real estate investment trust’s stock worth $4,118,000 after purchasing an additional 1,243 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Agree Realty during the 1st quarter worth $210,000. Principal Financial Group Inc. raised its position in shares of Agree Realty by 78.6% in the 1st quarter. Principal Financial Group Inc. now owns 5,745,678 shares of the real estate investment trust’s stock worth $386,741,000 after acquiring an additional 2,529,019 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Agree Realty by 35.4% in the 1st quarter. HighTower Advisors LLC now owns 5,050 shares of the real estate investment trust’s stock worth $337,000 after acquiring an additional 1,320 shares in the last quarter.

Shares of Agree Realty stock traded up $0.84 on Wednesday, hitting $69.35. The stock had a trading volume of 360,009 shares, compared to its average volume of 610,344. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 42.55 and a beta of 0.31. Agree Realty has a twelve month low of $61.27 and a twelve month high of $75.95. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average is $71.57 and its two-hundred day moving average is $71.12.

The company also recently declared a monthly dividend, which will be paid on Thursday, October 14th. Stockholders of record on Thursday, September 30th will be paid a $0.217 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Wednesday, September 29th. Agree Realty’s payout ratio is 80.50%.

About Agree Realty

Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.

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