Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.10-$4.13 for the period, compared to the consensus estimate of $4.07. Agree Realty also updated its FY 2024 guidance to 4.100-4.130 EPS.

Analyst Ratings Changes

A number of brokerages recently weighed in on ADC. Wells Fargo & Company dropped their price objective on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday, February 20th. Royal Bank of Canada decreased their price target on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a research note on Thursday, February 15th. Mizuho decreased their price target on Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, March 7th. JMP Securities upgraded Agree Realty from a market perform rating to an outperform rating and set a $71.00 price target for the company in a research note on Monday, January 22nd. Finally, StockNews.com cut Agree Realty from a hold rating to a sell rating in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $65.61.

Agree Realty Stock Performance

ADC stock traded up $0.44 during trading on Wednesday, hitting $58.00. 712,624 shares of the company traded hands, compared to its average volume of 1,056,589. The stock’s 50-day simple moving average is $56.56 and its 200 day simple moving average is $58.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market cap of $5.84 billion, a PE ratio of 34.29, a P/E/G ratio of 2.63 and a beta of 0.52. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.17%. Agree Realty’s payout ratio is 173.10%.

Insider Activity

In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the transaction, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Rakolta, Jr. purchased 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the transaction, the director now directly owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders acquired 42,482 shares of company stock worth $2,397,572 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

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.