Agree Realty (NYSE:ADC) Announces Quarterly Earnings Results

by · The Markets Daily

Agree Realty (NYSE:ADC – Get Free Report) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.63), FiscalAI reports. The firm had revenue of $190.49 million for the quarter, compared to analyst estimates of $189.86 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.

Agree Realty Trading Up 1.5%

NYSE:ADC traded up $1.16 during mid-day trading on Tuesday, hitting $76.46. 1,297,253 shares of the company’s stock were exchanged, compared to its average volume of 1,360,109. The company has a 50 day simple moving average of $72.39 and a 200-day simple moving average of $72.75. Agree Realty has a fifty-two week low of $68.98 and a fifty-two week high of $79.65. The firm has a market capitalization of $8.79 billion, a P/E ratio of 44.71, a PEG ratio of 2.65 and a beta of 0.54. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Friday, February 27th. Agree Realty’s dividend payout ratio (DPR) is 183.63%.

Analyst Upgrades and Downgrades

ADC has been the topic of several analyst reports. Royal Bank Of Canada cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 6th. Stifel Nicolaus set a $83.50 price objective on Agree Realty in a report on Tuesday, November 25th. Barclays boosted their target price on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Finally, Mizuho decreased their price objective on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday, December 17th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.23.

Read Our Latest Stock Analysis on Agree Realty

Insider Buying and Selling

In other news, CFO Peter Coughenour acquired 500 shares of Agree Realty stock in a transaction on Friday, January 9th. The stock was purchased at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the purchase, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. The trade was a 2.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard Agree bought 24,000 shares of the stock in a transaction dated Friday, January 9th. The shares were purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 39,500 shares of company stock valued at $2,813,680 over the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of ADC. CIBC Bancorp USA Inc. bought a new stake in shares of Agree Realty during the third quarter worth about $2,063,000. Coldstream Capital Management Inc. increased its holdings in Agree Realty by 11.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,889 shares of the real estate investment trust’s stock worth $347,000 after purchasing an additional 504 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Agree Realty in the third quarter worth approximately $64,000. Advisory Services Network LLC bought a new position in shares of Agree Realty in the third quarter valued at approximately $59,000. Finally, Integrated Investment Consultants LLC boosted its position in shares of Agree Realty by 10.6% during the third quarter. Integrated Investment Consultants LLC now owns 5,715 shares of the real estate investment trust’s stock valued at $406,000 after buying an additional 548 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

(Get Free Report)

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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