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 (EPS) guidance of 4.100-4.130 for the period, compared to the consensus estimate of 4.070. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.10-$4.13 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADC. JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective for the company in a research report on Monday, January 22nd. BMO Capital Markets began coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an outperform rating and a $69.00 target price for the company. StockNews.com lowered shares of Agree Realty from a hold rating to a sell rating in a research report on Friday, March 8th. Stifel Nicolaus cut their price objective on shares of Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a research report on Wednesday, February 14th. Finally, Mizuho cut their price objective on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, March 7th. 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, the company has a consensus rating of Moderate Buy and an average target price of $65.61.

Agree Realty Stock Performance

Shares of NYSE:ADC traded up $0.72 during trading on Tuesday, reaching $57.62. The stock had a trading volume of 1,177,999 shares, compared to its average volume of 1,061,406. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 33.66, a P/E/G ratio of 2.62 and a beta of 0.52. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $56.56 and a two-hundred day simple moving average of $58.22.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.21%. Agree Realty’s dividend payout ratio (DPR) is currently 173.10%.

Insider Buying and Selling

In related news, Chairman Richard Agree bought 16,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the firm’s stock in a transaction 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 completion of the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Joey Agree bought 3,500 shares of Agree Realty stock in a transaction dated Wednesday, February 21st. The stock was purchased at an average price of $56.92 per share, for a total transaction of $199,220.00. Following the purchase, the chief executive officer now directly owns 561,403 shares in the company, valued at approximately $31,955,058.76. 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 company 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.