Agree Realty (NYSE:ADC – Get Free Report) 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
View Our Latest Report on Agree Realty
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.
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