Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $4.10-$4.13 for the period, compared to the consensus EPS estimate of $4.07. Agree Realty also updated its FY 2024 guidance to 4.100-4.130 EPS.

Analyst Ratings Changes

ADC has been the subject of several analyst reports. BMO Capital Markets began coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 price target for the company. StockNews.com downgraded shares of Agree Realty from a hold rating to a sell rating in a report on Friday, March 8th. Royal Bank of Canada reduced their price objective on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a research note on Thursday, February 15th. Truist Financial reduced their price objective on shares of Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a research note on Tuesday, February 27th. Finally, JMP Securities upgraded shares of Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price for the company in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $65.61.

Agree Realty Trading Down 0.5 %

NYSE:ADC traded down $0.30 on Thursday, hitting $58.07. 831,557 shares of the stock were exchanged, compared to its average volume of 1,063,133. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 34.16, a P/E/G ratio of 2.66 and a beta of 0.52. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The company’s 50-day moving average price is $56.62 and its 200 day moving average price is $58.25.

Agree Realty Increases Dividend

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

Insiders Place Their Bets

In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, with a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Chairman Richard Agree purchased 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price 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 of the company’s stock, valued at $7,539,952.50. The purchase 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 Agree Realty stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The disclosure for this purchase can be found here. Insiders bought a total of 42,482 shares of company stock valued at $2,397,572 in the last quarter. 1.80% of the stock is currently owned by 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.