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 $4.12-4.14 for the period, compared to the consensus EPS estimate of $4.10. Agree Realty also updated its FY 2024 guidance to 4.120-4.140 EPS.

Agree Realty Trading Up 2.4 %

Shares of NYSE:ADC traded up $1.79 during midday trading on Wednesday, hitting $76.90. 168,313 shares of the stock traded hands, compared to its average volume of 942,129. The stock has a market capitalization of $7.74 billion, a PE ratio of 44.18, a P/E/G ratio of 2.47 and a beta of 0.61. The business’s 50 day moving average is $74.30 and its two-hundred day moving average is $66.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a one year low of $52.69 and a one year high of $77.30.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 EPS. As a group, research analysts forecast that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.95%. Agree Realty’s dividend payout ratio is 178.24%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADC. Royal Bank of Canada increased their price target on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Wells Fargo & Company reiterated an “overweight” rating and issued a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group increased their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Truist Financial increased their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $73.04.

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.