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

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

Analyst Upgrades and Downgrades

ADC has been the subject of a number of research reports. 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 note on Wednesday, July 24th. UBS Group lifted their price objective on Agree Realty from $72.00 to $77.00 and gave the company a "neutral" rating in a research report on Wednesday, October 16th. Royal Bank of Canada boosted their target price on Agree Realty from $63.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, July 25th. Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Finally, BTIG Research boosted their price target on Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $73.04.

Agree Realty Stock Performance

ADC stock traded up $0.13 during midday trading on Tuesday, hitting $75.11. 645,526 shares of the company traded hands, compared to its average volume of 945,922. Agree Realty has a twelve month low of $52.69 and a twelve month high of $77.30. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The business has a 50 day simple moving average of $74.30 and a 200-day simple moving average of $66.34.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business's revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 EPS. As a group, equities 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 announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.04%. Agree Realty's dividend payout ratio is presently 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.