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

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.100-4.130 for the period, compared to the consensus earnings per share estimate of 4.070. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.10-$4.13 EPS.

Agree Realty Stock Performance

ADC traded down $0.30 on Thursday, reaching $58.07. The stock had a trading volume of 831,557 shares, compared to its average volume of 1,063,133. The business’s 50-day moving average price is $56.62 and its two-hundred day moving average price is $58.25. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a market cap of $5.84 billion, a P/E ratio of 34.16, a price-to-earnings-growth ratio of 2.66 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. Investors of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 5.17%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s payout ratio is presently 174.12%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADC. Royal Bank of Canada cut their price objective 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. Wells Fargo & Company reduced their price objective on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday, February 20th. BMO Capital Markets started coverage on Agree Realty in a report on Tuesday, February 13th. They set an outperform rating and a $69.00 price target on the stock. Truist Financial cut their price objective on shares of Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a research report on Tuesday, February 27th. Finally, JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a report on Monday, January 22nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $65.61.

Insiders Place Their Bets

In other news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was acquired at an average cost 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 legal filing with the SEC, which is available through this link. In related news, Chairman Richard Agree bought 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John Rakolta, Jr. purchased 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average cost 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 disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by corporate insiders.

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.