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

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. 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.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a report on Wednesday. KeyCorp began coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They issued an overweight rating and a $68.00 target price for the company. Mizuho raised their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research note on Friday, May 10th. UBS Group lifted their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Finally, StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $66.32.

Agree Realty Price Performance

ADC stock traded up $1.56 during trading on Wednesday, hitting $68.25. 1,472,239 shares of the company’s stock traded hands, compared to its average volume of 928,329. 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 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The business has a fifty day simple moving average of $61.82 and a 200 day simple moving average of $59.35. The stock has a market capitalization of $6.87 billion, a price-to-earnings ratio of 40.15, a P/E/G ratio of 2.64 and a beta of 0.58.

Agree Realty (NYSE:ADC) last announced its earnings results 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 during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 30.91% and a return on equity of 3.48%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. As a group, research analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Wednesday, July 31st. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling

In related news, Director Greg Lehmkuhl bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.