Agree Realty (NYSE:ADC) Announces Earnings Results

Agree Realty (NYSE:ADC) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61), Yahoo Finance reports. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the prior year, the company earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. Agree Realty updated its FY24 guidance to $4.12-4.14 EPS and its FY 2024 guidance to 4.120-4.140 EPS.

Agree Realty Trading Up 2.1 %

Shares of NYSE:ADC opened at $76.68 on Thursday. The business’s 50 day simple moving average is $74.39 and its 200 day simple moving average is $66.42. Agree Realty has a 1 year low of $52.69 and a 1 year high of $77.30. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $7.72 billion, a P/E ratio of 45.11, a P/E/G ratio of 2.47 and a beta of 0.61.

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 given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is presently 178.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus increased their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Raymond James increased their price objective on shares of 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 lifted their target price 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. Truist Financial upped their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.04.

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.