Agree Realty (NYSE:ADC) Releases FY 2024 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.100-4.130 for the period, compared to the consensus earnings per share estimate of 4.070. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.10-$4.13 EPS.

Wall Street Analyst Weigh In

ADC has been the subject of a number of research reports. Truist Financial lowered their target price on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a research report on Tuesday, February 27th. Royal Bank of Canada reduced their target price on Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a report on Thursday, February 15th. BMO Capital Markets began coverage on Agree Realty in a report on Tuesday, February 13th. They set an outperform rating and a $69.00 price objective on the stock. Wells Fargo & Company cut their target price on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, February 20th. Finally, StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $65.61.

Agree Realty Stock Performance

ADC stock traded up $0.07 during midday trading on Friday, reaching $58.12. 173,603 shares of the company’s stock traded hands, compared to its average volume of 1,051,877. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71. The company has a 50-day moving average price of $56.62 and a two-hundred day moving average price of $58.25. The firm has a market capitalization of $5.85 billion, a PE ratio of 34.16, a price-to-earnings-growth ratio of 2.68 and a beta of 0.52. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.16%. Agree Realty’s dividend payout ratio (DPR) is presently 174.12%.

Insiders Place Their Bets

In related news, Chairman Richard Agree acquired 16,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree purchased 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the acquisition, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders have bought 42,482 shares of company stock worth $2,397,572 over the last ninety days. Corporate 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.