Agree Realty Co. to Post Q2 2024 Earnings of $1.03 Per Share, KeyCorp Forecasts (NYSE:ADC)

Agree Realty Co. (NYSE:ADC) – Research analysts at KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for Agree Realty in a research report issued on Wednesday, June 12th. KeyCorp analyst U. Rana anticipates that the real estate investment trust will earn $1.03 per share for the quarter. KeyCorp has a “Overweight” rating and a $68.00 price target on the stock. The consensus estimate for Agree Realty’s current full-year earnings is $4.12 per share. KeyCorp also issued estimates for Agree Realty’s Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.04 EPS, FY2024 earnings at $4.12 EPS, Q1 2025 earnings at $1.05 EPS, Q2 2025 earnings at $1.07 EPS, Q3 2025 earnings at $1.08 EPS, Q4 2025 earnings at $1.09 EPS and FY2025 earnings at $4.28 EPS.

A number of other equities research analysts also recently issued reports on ADC. UBS Group assumed coverage on Agree Realty in a research report on Friday, May 31st. They set a “neutral” rating and a $60.00 price target on the stock. Mizuho upped their target price on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Wells Fargo & Company cut their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. Finally, Truist Financial cut their target price on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

Agree Realty Trading Up 0.6 %

Shares of NYSE:ADC opened at $61.27 on Friday. The company has a market capitalization of $6.17 billion, a P/E ratio of 36.04, a P/E/G ratio of 2.40 and a beta of 0.56. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. The business’s 50 day simple moving average is $58.93 and its 200 day simple moving average is $59.10.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.90%. The ex-dividend date of this dividend is Friday, June 28th. 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 acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Agree Realty

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after acquiring an additional 258,217 shares during the period. Principal Financial Group Inc. grew its holdings in Agree Realty by 12.1% during the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after acquiring an additional 719,430 shares during the period. Long Pond Capital LP grew its holdings in Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the period. Invesco Ltd. grew its holdings in Agree Realty by 11.1% during the 3rd quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock worth $119,239,000 after acquiring an additional 216,494 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Agree Realty by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock worth $93,253,000 after acquiring an additional 105,461 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.