Agree Realty (NYSE:ADC – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.10-$4.13 for the period, compared to the consensus earnings per share estimate of $4.07. Agree Realty also updated its FY 2024 guidance to 4.100-4.130 EPS.
Agree Realty Stock Performance
ADC traded up $0.44 on Wednesday, reaching $58.00. The company had a trading volume of 712,624 shares, compared to its average volume of 1,056,589. The stock has a 50-day moving average price of $56.56 and a 200-day moving average price of $58.25. The stock has a market capitalization of $5.84 billion, a PE ratio of 34.29, a P/E/G ratio of 2.63 and a beta of 0.52. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48.
Agree Realty Increases Dividend
The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is a positive change 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 annualized dividend and a yield of 5.17%. Agree Realty’s payout ratio is 173.10%.
Analyst Ratings Changes
Check Out Our Latest Stock Analysis on Agree Realty
Insider Buying and Selling
In other news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Rakolta, Jr. bought 20,430 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now directly owns 392,549 shares in the company, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by insiders.
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.
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