Agree Realty (NYSE:ADC) Issues Earnings Results, Misses Expectations By $0.51 EPS

Agree Realty (NYSE:ADC) released its earnings results on Tuesday. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51), Yahoo Finance reports. The company had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Agree Realty updated its FY24 guidance to $4.11-4.14 EPS and its FY 2024 guidance to 4.110-4.140 EPS.

Agree Realty Stock Performance

ADC opened at $67.91 on Friday. The business’s 50-day simple moving average is $62.13 and its 200 day simple moving average is $59.47. Agree Realty has a 52-week low of $52.69 and a 52-week high of $69.26. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.71 and a current ratio of 0.79. The firm has a market capitalization of $6.83 billion, a PE ratio of 39.95, a PEG ratio of 2.70 and a beta of 0.58.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s payout ratio is 176.47%.

Analyst Ratings Changes

Several equities research analysts have commented on ADC shares. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Royal Bank of Canada lifted their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday. Stifel Nicolaus increased their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday. KeyCorp initiated coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target on the stock. Finally, UBS Group upped their price target on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Insider Buying and Selling at Agree Realty

In related news, Director Greg Lehmkuhl acquired 1,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were bought at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the purchase, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.