Agree Realty (NYSE:ADC) Updates FY 2024 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.120-4.140 for the period, compared to the consensus earnings per share estimate of 4.110. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.12-4.14 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADC. Stifel Nicolaus lifted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $73.04.

Agree Realty Trading Up 0.2 %

ADC stock traded up $0.13 during trading on Tuesday, reaching $75.11. 645,526 shares of the stock were exchanged, compared to its average volume of 945,913. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 44.09, a P/E/G ratio of 2.47 and a beta of 0.61. The business has a 50 day moving average price of $74.23 and a 200-day moving average price of $66.21. Agree Realty has a 1 year low of $52.69 and a 1 year high of $77.30.

Agree Realty (NYSE:ADC) last released its quarterly earnings data 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 analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. On average, research analysts predict that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is 178.24%.

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.