Agree Realty (NYSE:ADC) Issues FY 2024 Earnings Guidance

Agree Realty (NYSE:ADC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.110-4.140 for the period, compared to the consensus EPS estimate of 4.080. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.11-4.14 EPS.

Wall Street Analysts Forecast Growth

ADC has been the topic of several research reports. Stifel Nicolaus raised their target price on Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a research report on Wednesday. Mizuho raised their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a report on Friday, May 10th. StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a research report on Tuesday, June 11th. UBS Group increased their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research report on Thursday, July 18th. Finally, KeyCorp assumed coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an overweight rating and a $68.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $66.95.

Agree Realty Price Performance

Agree Realty stock traded up $0.42 during mid-day trading on Friday, hitting $68.32. The stock had a trading volume of 87,888 shares, compared to its average volume of 928,052. The company has a current ratio of 0.79, a quick ratio of 0.71 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $62.13 and its 200 day moving average is $59.47. The firm has a market capitalization of $6.87 billion, a P/E ratio of 39.95, a P/E/G ratio of 2.70 and a beta of 0.58. Agree Realty has a one year low of $52.69 and a one year high of $69.26.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. On average, sell-side analysts forecast that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced 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 4.39%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insider Buying and Selling

In other news, Director Greg Lehmkuhl acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the transaction, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.80% of the stock is owned by company insiders.

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.