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

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.120-4.140 for the period, compared to the consensus EPS 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 topic of several research analyst reports. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Raymond James lifted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. KeyCorp raised their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. UBS Group upped their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.88.

Agree Realty Trading Down 1.2 %

Shares of ADC traded down $0.89 during midday trading on Thursday, reaching $75.79. The company had a trading volume of 332,975 shares, compared to its average volume of 945,868. The firm has a 50 day simple moving average of $74.39 and a 200-day simple moving average of $66.42. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.63 billion, a PE ratio of 44.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.00 EPS. Research analysts forecast that Agree Realty will post 4.11 EPS 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 4.01%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 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.