Agree Realty (NYSE:ADC) Releases FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. 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.

Wall Street Analyst Weigh In

ADC has been the topic of a number of recent analyst reports. Truist Financial dropped their price objective on Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a research note on Tuesday, February 27th. Royal Bank of Canada dropped their target price on Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research report on Thursday, February 15th. Stifel Nicolaus decreased their price target on shares of Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a report on Wednesday, February 14th. JMP Securities raised Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective on the stock in a research note on Monday, January 22nd. Finally, StockNews.com lowered shares of Agree Realty from a hold rating to a sell rating in a report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Price Performance

Shares of ADC traded down $0.30 during trading hours on Thursday, reaching $58.07. The company had a trading volume of 831,557 shares, compared to its average volume of 1,063,133. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.66 and a beta of 0.52. The firm has a 50 day simple moving average of $56.62 and a 200-day simple moving average of $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 Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a dividend yield of 5.17%. Agree Realty’s dividend payout ratio (DPR) is currently 174.12%.

Insider Activity at Agree Realty

In related news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares in the company, valued at $7,539,952.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction 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 directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joey Agree acquired 3,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was acquired at an average cost of $56.92 per share, with a total value of $199,220.00. Following the acquisition, the chief executive officer now owns 561,403 shares of the company’s stock, valued at $31,955,058.76. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 42,482 shares of company stock worth $2,397,572. Company insiders own 1.80% of the company’s stock.

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.