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

Agree Realty (NYSE:ADC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.120-4.140 for the period, compared to the consensus earnings per share estimate of 4.110. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.12-4.14 EPS.

Wall Street Analyst Weigh In

ADC has been the subject of a number of research reports. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. UBS Group boosted their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Royal Bank of Canada raised their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial upped their target price 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. Finally, Stifel Nicolaus boosted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, eight have given 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 Stock Up 0.2 %

Agree Realty stock traded up $0.13 during midday trading on Tuesday, reaching $75.11. The company’s stock had a trading volume of 645,526 shares, compared to its average volume of 945,913. The business has a 50-day simple moving average of $74.23 and a 200-day simple moving average of $66.21. The company has a market cap of $7.56 billion, a P/E ratio of 44.09, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. 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 (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 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 17.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 EPS. On average, research analysts expect that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.04%. Agree Realty’s dividend payout ratio is presently 178.24%.

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.