Agree Realty (NYSE:ADC) Posts Earnings Results, Misses Expectations By $0.61 EPS

Agree Realty (NYSE:ADC) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61), Yahoo Finance reports. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the firm posted $1.00 earnings per share. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. Agree Realty updated its FY24 guidance to $4.12-4.14 EPS and its FY 2024 guidance to 4.120-4.140 EPS.

Agree Realty Stock Up 0.7 %

ADC opened at $75.49 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty has a one year low of $52.69 and a one year high of $77.47. The firm has a market capitalization of $7.60 billion, a P/E ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company has a fifty day moving average price of $74.46 and a 200-day moving average price of $66.48.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.02%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is presently 178.24%.

Wall Street Analyst Weigh In

ADC has been the topic of a number of research analyst reports. BTIG Research boosted their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Raymond James upped their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday. KeyCorp upped their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, UBS Group lifted their price objective on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.88.

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.