Agree Realty (NYSE:ADC) Releases FY24 Earnings Guidance

Agree Realty (NYSE:ADC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.10-$4.13 for the period, compared to the consensus estimate of $4.07. Agree Realty also updated its FY 2024 guidance to 4.100-4.130 EPS.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.11 during mid-day trading on Friday, reaching $58.16. The stock had a trading volume of 69,512 shares, compared to its average volume of 1,050,702. The business’s fifty day moving average is $56.62 and its 200-day moving average is $58.25. The company has a current ratio of 0.71, a quick ratio of 0.74 and a debt-to-equity ratio of 0.50. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.68 and a beta of 0.52. Agree Realty has a 1-year low of $52.69 and a 1-year high of $69.26.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, April 29th. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.16%. Agree Realty’s dividend payout ratio is currently 174.12%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. JMP Securities upgraded Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd. Wells Fargo & Company lowered their target price on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, February 20th. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a research note on Thursday. BMO Capital Markets began coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 target price on the stock. Finally, Stifel Nicolaus lowered their price target on Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a research report on Wednesday, February 14th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $65.61.

Insider Activity at Agree Realty

In related news, Chairman Richard Agree purchased 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased 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 $7,539,952.50. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joey Agree acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is currently 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.