Agree Realty (NYSE:ADC) Issues 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.

Agree Realty Price Performance

Shares of ADC traded down $0.30 during midday trading on Thursday, reaching $58.07. The stock had a trading volume of 831,557 shares, compared to its average volume of 1,063,133. 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 company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 34.16, a price-to-earnings-growth ratio of 2.66 and a beta of 0.52. The company’s 50-day moving average is $56.62 and its 200 day moving average is $58.25. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26.

Agree Realty Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADC. StockNews.com raised shares of Agree Realty from a sell rating to a hold rating in a research note on Thursday. Truist Financial reduced 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. 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 for the company. Stifel Nicolaus reduced 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. Finally, Mizuho decreased their price target on Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, March 7th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Agree Realty currently has an average rating of Moderate Buy and a consensus target price of $65.61.

Insider Buying and Selling

In related news, CEO Joey Agree purchased 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders acquired 42,482 shares of company stock valued at $2,397,572 over the last quarter. 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.