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 Stock Up 1.2 %

NYSE ADC traded up $0.66 during trading hours on Tuesday, hitting $57.56. The company had a trading volume of 1,177,528 shares, compared to its average volume of 1,056,963. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 33.57, a P/E/G ratio of 2.62 and a beta of 0.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74. The firm’s 50 day moving average is $56.56 and its 200 day moving average is $58.22.

Agree Realty Increases Dividend

The firm also recently announced 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.21%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s payout ratio is presently 173.10%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Truist Financial dropped their target price on Agree Realty from $70.00 to $68.00 and set a buy rating on the stock in a research report on Tuesday, February 27th. StockNews.com lowered Agree Realty from a hold rating to a sell rating in a research report on Friday, March 8th. Stifel Nicolaus dropped their target price 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. Royal Bank of Canada lowered their price objective on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a report on Thursday, February 15th. Finally, BMO Capital Markets assumed coverage on Agree Realty in a report on Tuesday, February 13th. They issued an outperform rating and a $69.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $65.61.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders purchased a total of 42,482 shares of company stock worth $2,397,572 over the last ninety days. Company insiders own 1.80% of the company’s stock.

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.