Agree Realty (NYSE:ADC) Issues Quarterly Earnings Results

Agree Realty (NYSE:ADC) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51), Yahoo Finance reports. The business had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.98 EPS. Agree Realty updated its FY24 guidance to $4.11-4.14 EPS and its FY 2024 guidance to 4.110-4.140 EPS.

Agree Realty Stock Performance

Shares of ADC opened at $67.91 on Friday. The company has a 50-day moving average of $62.13 and a two-hundred day moving average of $59.47. The stock has a market cap of $6.83 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 2.70 and a beta of 0.58. 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 one year low of $52.69 and a one year high of $69.26.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend is Wednesday, July 31st. Agree Realty’s dividend payout ratio is presently 176.47%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. KeyCorp initiated coverage on shares of Agree Realty in a report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective for the company. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Mizuho boosted their target price on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Royal Bank of Canada upped their target price on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, UBS Group lifted their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Insider Activity

In other news, Director Greg Lehmkuhl acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, with a total value of $58,990.00. Following the purchase, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.80% of the stock is owned by company 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.