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

Agree Realty (NYSE:ADC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.120-4.140 for the period, compared to the consensus earnings per share estimate of 4.110. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.12-4.14 EPS.

Agree Realty Stock Up 0.2 %

Agree Realty stock traded up $0.13 during trading hours on Tuesday, hitting $75.11. 645,526 shares of the stock traded hands, compared to its average volume of 945,913. The firm’s 50-day moving average price is $74.23 and its two-hundred day moving average price is $66.21. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company has a market cap of $7.56 billion, a PE ratio of 44.09, a PEG ratio of 2.47 and a beta of 0.61. Agree Realty has a one year low of $52.69 and a one year high of $77.30.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, research analysts forecast that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.04%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is presently 178.24%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of analyst reports. Truist Financial boosted their price target on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. BTIG Research boosted their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. KeyCorp boosted their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $73.04.

About Agree Realty

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.