Agree Realty (NYSE:ADC) Updates FY24 Earnings Guidance

Agree Realty (NYSE:ADC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.12-4.14 for the period, compared to the consensus EPS estimate of $4.10. Agree Realty also updated its FY 2024 guidance to 4.120-4.140 EPS.

Wall Street Analyst Weigh In

Several analysts have recently commented on ADC shares. Raymond James raised their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. UBS Group lifted their price objective on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Stifel Nicolaus raised their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Truist Financial upped their price objective on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.04.

Agree Realty Trading Up 0.2 %

Shares of NYSE ADC traded up $0.13 during midday trading on Tuesday, reaching $75.11. 645,526 shares of the stock were exchanged, compared to its average volume of 945,913. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company has a market capitalization 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. The stock has a 50 day moving average price of $74.23 and a 200-day moving average price of $66.21. Agree Realty has a 52-week low of $52.69 and a 52-week high of $77.30.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates 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%. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 EPS. Equities 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 disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.04%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 178.24%.

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.