Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

Agree Realty (NYSE:ADC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.12-4.14 for the period, compared to the consensus earnings per share estimate of $4.10. Agree Realty also updated its FY 2024 guidance to 4.120-4.140 EPS.

Agree Realty Stock Performance

NYSE:ADC traded down $0.89 during trading hours on Thursday, reaching $75.79. The company had a trading volume of 332,975 shares, compared to its average volume of 945,868. The firm has a market cap of $7.63 billion, a PE ratio of 44.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The business’s 50 day moving average price is $74.39 and its 200-day moving average price is $66.42. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.47.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the business earned $1.00 EPS. Research analysts forecast that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The business 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 dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is 178.24%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Raymond James upped their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. BTIG Research upped their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, 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. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.88.

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.