Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $4.11-4.14 for the period, compared to the consensus EPS estimate of $4.08. Agree Realty also updated its FY 2024 guidance to 4.110-4.140 EPS.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADC. Royal Bank of Canada lifted their price target on Agree Realty from $63.00 to $70.00 and gave the stock an outperform rating in a research report on Thursday. Mizuho lifted their price objective on Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a report on Friday, May 10th. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a report on Tuesday, June 11th. UBS Group boosted their price target on Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Finally, Stifel Nicolaus boosted their price target on Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research note on Wednesday. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $66.95.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.28 during trading hours on Friday, reaching $68.18. 41,051 shares of the company traded hands, compared to its average volume of 927,725. The firm has a 50-day moving average price of $62.13 and a 200 day moving average price of $59.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.71. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a market cap of $6.86 billion, a P/E ratio of 39.95, a P/E/G ratio of 2.70 and a beta of 0.58.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. During the same period in the prior year, the firm posted $0.98 earnings per share. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, sell-side analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.40%. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now directly owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.