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

Agree Realty (NYSE:ADC) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61), Yahoo Finance reports. The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 EPS. 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 Performance

Shares of Agree Realty stock traded down $1.68 during midday trading on Thursday, hitting $75.00. The company had a trading volume of 1,085,438 shares, compared to its average volume of 949,510. The business’s 50 day simple moving average is $74.46 and its two-hundred day simple moving average is $66.48. The stock has a market cap of $7.55 billion, a PE ratio of 44.12, a P/E/G ratio of 2.47 and a beta of 0.61. 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 1-year low of $52.69 and a 1-year high of $77.47.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a $0.253 dividend. This is an increase 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 4.05%. Agree Realty’s dividend payout ratio (DPR) is presently 178.24%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Truist Financial raised their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. BTIG Research raised their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Royal Bank of Canada raised their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday. Raymond James raised their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, Stifel Nicolaus raised their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.