Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

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

Agree Realty Price Performance

Shares of ADC traded up $0.66 during trading hours on Tuesday, reaching $57.56. 1,177,726 shares of the company’s stock traded hands, compared to its average volume of 1,061,400. The firm’s 50 day simple moving average is $56.56 and its 200-day simple moving average is $58.22. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a market cap of $5.79 billion, a PE ratio of 33.66, a price-to-earnings-growth ratio of 2.62 and a beta of 0.52.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.21%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is presently 173.10%.

Analyst Upgrades and Downgrades

ADC has been the topic of several recent research reports. Mizuho lowered their price objective on Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, March 7th. JMP Securities raised Agree Realty from a market perform rating to an outperform rating and set a $71.00 price target for the company in a research report on Monday, January 22nd. Royal Bank of Canada cut their price target on Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a report on Thursday, February 15th. Stifel Nicolaus reduced their price objective on Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company reduced their target price on Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $65.61.

Insider Buying and Selling

In related news, Director John Rakolta, Jr. bought 20,430 shares of the company’s stock in a transaction on Friday, February 16th. The shares were purchased at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the transaction, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director John Rakolta, Jr. purchased 20,430 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was bought at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joey Agree purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the purchase, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 42,482 shares of company stock worth $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.