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

Agree Realty (NYSE:ADC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.100-4.130 for the period, compared to the consensus earnings per share estimate of 4.070. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.10-$4.13 EPS.

Agree Realty Trading Up 1.3 %

NYSE:ADC traded up $0.72 on Tuesday, reaching $57.62. The company’s stock had a trading volume of 1,177,999 shares, compared to its average volume of 1,061,406. Agree Realty has a 1-year low of $52.69 and a 1-year high of $69.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $5.80 billion, a PE ratio of 33.66, a PEG ratio of 2.62 and a beta of 0.52. The business’s 50-day moving average price is $56.56 and its two-hundred day moving average price is $58.22.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 5.21%. This is a boost 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 173.10%.

Analysts Set New Price Targets

A number of research analysts have issued reports on ADC shares. Stifel Nicolaus decreased their target price on Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research note on Wednesday, February 14th. Truist Financial reduced their price objective on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a research report on Tuesday, February 27th. BMO Capital Markets began coverage on Agree Realty in a research report on Tuesday, February 13th. They set an outperform rating and a $69.00 price objective for the company. JMP Securities raised Agree Realty from a market perform rating to an outperform rating and set a $71.00 price objective for the company in a research report on Monday, January 22nd. Finally, Mizuho reduced their price objective on Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $65.61.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Joey Agree bought 2,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard Agree bought 16,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 42,482 shares of company stock valued at $2,397,572. Insiders own 1.80% of the company’s stock.

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.