Agree Realty (NYSE:ADC) Updates 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 $4.12-4.14 for the period, compared to the consensus estimate of $4.10. Agree Realty also updated its FY 2024 guidance to 4.120-4.140 EPS.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ADC shares. Wells Fargo & Company reiterated an “overweight” rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Raymond James upped their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. BTIG Research upped their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $73.88.

Agree Realty Trading Down 1.2 %

Shares of ADC traded down $0.89 during mid-day trading on Thursday, reaching $75.79. 332,975 shares of the company were exchanged, compared to its average volume of 945,868. The stock has a market capitalization of $7.63 billion, a PE ratio of 44.90, a PEG ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty has a 52 week low of $52.69 and a 52 week high of $77.47. The business has a 50 day simple moving average of $74.39 and a two-hundred day simple moving average of $66.42.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 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 12.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.00 EPS. On average, analysts predict that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is currently 178.24%.

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.