Agree Realty (NYSE:ADC) Issues Quarterly Earnings Results

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Agree Realty (NYSE:ADC) posted its quarterly earnings results on Monday. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.29), Fidelity Earnings reports. Agree Realty had a return on equity of 5.33% and a net margin of 38.49%. The firm had revenue of $44.92 million for the quarter, compared to the consensus estimate of $44.05 million.

NYSE ADC traded up $1.93 on Tuesday, hitting $64.75. 6,330 shares of the stock were exchanged, compared to its average volume of 242,593. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75. The business has a fifty day simple moving average of $65.65. Agree Realty has a 52 week low of $50.72 and a 52 week high of $70.25. The stock has a market capitalization of $2.59 billion, a P/E ratio of 22.57, a PEG ratio of 3.54 and a beta of 0.08.

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a dividend of $0.57 per share. This is a positive change from Agree Realty’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.52%. The ex-dividend date was Thursday, June 27th. Agree Realty’s dividend payout ratio is 80.00%.

In related news, Director Craig Erlich acquired 750 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were purchased at an average cost of $67.47 per share, for a total transaction of $50,602.50. Following the completion of the acquisition, the director now directly owns 13,023 shares in the company, valued at $878,661.81. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director John Rakolta, Jr. acquired 6,801 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was bought at an average price of $66.19 per share, for a total transaction of $450,158.19. Following the completion of the acquisition, the director now owns 206,088 shares of the company’s stock, valued at $13,640,964.72. The disclosure for this purchase can be found here. Insiders have acquired 17,601 shares of company stock worth $1,145,935 over the last ninety days. Insiders own 3.10% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Agree Realty by 5.2% in the first quarter. BlackRock Inc. now owns 6,062,151 shares of the real estate investment trust’s stock valued at $420,349,000 after purchasing an additional 298,272 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Agree Realty by 1.5% in the first quarter. Principal Financial Group Inc. now owns 1,537,863 shares of the real estate investment trust’s stock valued at $106,635,000 after purchasing an additional 22,990 shares during the last quarter. FMR LLC increased its holdings in shares of Agree Realty by 172.7% in the fourth quarter. FMR LLC now owns 1,150,010 shares of the real estate investment trust’s stock valued at $67,989,000 after purchasing an additional 728,368 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Agree Realty by 10.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 517,960 shares of the real estate investment trust’s stock valued at $30,622,000 after purchasing an additional 48,045 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Agree Realty by 3.2% in the second quarter. State of New Jersey Common Pension Fund D now owns 480,750 shares of the real estate investment trust’s stock valued at $30,792,000 after purchasing an additional 15,000 shares during the last quarter. Hedge funds and other institutional investors own 97.32% of the company’s stock.

Agree Realty Company Profile

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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Earnings History for Agree Realty (NYSE:ADC)

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