Agree Realty (NYSE:ADC) Releases 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 4.100-4.130 for the period, compared to the consensus EPS estimate of 4.070. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.10-$4.13 EPS.

Agree Realty Trading Up 0.9 %

Shares of NYSE:ADC traded up $0.50 on Wednesday, reaching $58.06. 889,143 shares of the company traded hands, compared to its average volume of 1,058,810. The business’s 50-day simple moving average is $56.56 and its 200 day simple moving average is $58.25. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26. The stock has a market capitalization of $5.84 billion, a P/E ratio of 34.29, a price-to-earnings-growth ratio of 2.63 and a beta of 0.52. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.25 per share. 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%. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is 173.10%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ADC shares. Wells Fargo & Company reduced their price objective on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, February 20th. Mizuho cut their target price on Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, March 7th. BMO Capital Markets started coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 target price on the stock. Stifel Nicolaus cut their target price on Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a research note on Wednesday, February 14th. Finally, JMP Securities raised Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd. 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 stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $65.61.

Insider Activity

In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the acquisition, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joey Agree acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 42,482 shares of company stock worth $2,397,572. 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.