Agree Realty (NYSE:ADC) Updates FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.10-$4.13 for the period, compared to the consensus earnings per share estimate of $4.07. Agree Realty also updated its FY 2024 guidance to 4.100-4.130 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a research note on Thursday. Royal Bank of Canada decreased their price target on Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. JMP Securities upgraded Agree Realty from a market perform rating to an outperform rating and set a $71.00 price target on the stock in a research note on Monday, January 22nd. Mizuho decreased their price target on Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, March 7th. Finally, BMO Capital Markets assumed coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of Moderate Buy and a consensus price target of $65.61.

Agree Realty Trading Up 0.2 %

Shares of NYSE:ADC traded up $0.11 during midday trading on Friday, reaching $58.16. The company’s stock had a trading volume of 69,512 shares, compared to its average volume of 1,050,702. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.68 and a beta of 0.52. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71. The firm has a 50 day moving average price of $56.62 and a two-hundred day moving average price of $58.25. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 5.16%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s payout ratio is presently 174.12%.

Insider Activity at Agree Realty

In other news, CEO Joey Agree bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was purchased at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joey Agree bought 2,000 shares of Agree Realty stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders bought 42,482 shares of company stock valued at $2,397,572 in the last three months. Corporate insiders own 1.80% of the company’s stock.

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.