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

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.100-4.130 for the period, compared to the consensus EPS 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

A number of research firms have issued reports on ADC. StockNews.com cut shares of Agree Realty from a hold rating to a sell rating in a report on Friday, March 8th. Mizuho decreased their price target on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a report on Thursday, March 7th. Stifel Nicolaus decreased their price target on shares of Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a report on Wednesday, February 14th. Royal Bank of Canada reduced their target price on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a report on Thursday, February 15th. Finally, JMP Securities raised shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price for the company in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Stock Performance

ADC traded up $0.50 on Wednesday, reaching $58.06. The stock had a trading volume of 889,143 shares, compared to its average volume of 1,058,810. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The business’s 50-day moving average price is $56.56 and its two-hundred day moving average price is $58.25. The company has a market cap of $5.84 billion, a P/E ratio of 34.29, a price-to-earnings-growth ratio of 2.63 and a beta of 0.52.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.17%. Agree Realty’s payout ratio is presently 173.10%.

Insider Buying and Selling at Agree Realty

In other news, Director John Rakolta, Jr. acquired 20,430 shares of the business’s stock in a transaction on Friday, February 16th. The stock was bought at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now owns 392,549 shares in the company, valued at $22,375,293. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 42,482 shares of company stock valued at $2,397,572. Corporate insiders own 1.80% of the company’s stock.

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.