Agree Realty (ADC) Set to Announce Earnings on Tuesday

Agree Realty (NYSE:ADC) will be issuing its quarterly earnings data after the market closes on Tuesday, October 22nd. Analysts expect the company to announce earnings of $1.03 per share for the quarter. Agree Realty has set its FY24 guidance at $4.11-4.14 EPS and its FY 2024 guidance at 4.110-4.140 EPS.Individual interested in registering for the company’s earnings conference call can do so using this link.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 EPS. On average, analysts expect Agree Realty to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Agree Realty Stock Performance

NYSE ADC opened at $75.58 on Monday. The stock has a market cap of $7.61 billion, a PE ratio of 44.46, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty has a twelve month low of $52.69 and a twelve month high of $77.30. The stock has a fifty day simple moving average of $74.17 and a 200-day simple moving average of $66.08. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.02%. Agree Realty’s dividend payout ratio (DPR) is currently 178.24%.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of research analyst reports. UBS Group increased their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. BTIG Research boosted their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. KeyCorp raised their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Stifel Nicolaus boosted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James increased their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average price target of $73.04.

About Agree Realty

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.