Agree Realty (NYSE:ADC – Get Free Report) 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
Get Our Latest Stock Analysis on ADC
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.
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