Agree Realty (NYSE:ADC) Updates 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 4.110-4.140 for the period, compared to the consensus EPS estimate of 4.080. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.11-4.14 EPS.

Agree Realty Stock Up 0.6 %

NYSE ADC traded up $0.42 during trading on Friday, reaching $68.32. 87,888 shares of the company’s stock were exchanged, compared to its average volume of 928,052. The company has a 50 day moving average price of $62.13 and a two-hundred day moving average price of $59.47. The stock has a market cap of $6.87 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 2.70 and a beta of 0.58. 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 0.54, a quick ratio of 0.71 and a current ratio of 0.79.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Wall Street Analyst Weigh In

Several research firms have commented on ADC. KeyCorp assumed coverage on Agree Realty in a research report on Wednesday, June 12th. They set an overweight rating and a $68.00 price target on the stock. Royal Bank of Canada upped their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an outperform rating in a research report on Thursday. Stifel Nicolaus raised their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a research report on Wednesday. UBS Group upped their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a report on Thursday, July 18th. Finally, StockNews.com raised Agree Realty from a sell rating to a hold rating in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $66.95.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl purchased 1,000 shares of Agree Realty stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the transaction, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company 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.