Agree Realty (NYSE:ADC) Updates 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 Up 0.2 %

NYSE ADC traded up $0.13 during trading on Tuesday, reaching $75.11. 645,526 shares of the company’s stock were exchanged, compared to its average volume of 945,913. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The firm has a market capitalization of $7.56 billion, a PE ratio of 44.09, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company’s fifty day simple moving average is $74.23 and its 200-day simple moving average is $66.21.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. Sell-side analysts predict that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.04%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is currently 178.24%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research reports. Stifel Nicolaus lifted their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Royal Bank of Canada boosted their target price on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Truist Financial boosted their target price on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Raymond James lifted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.04.

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.