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 $4.10-$4.13 for the period, compared to the consensus earnings per share estimate of $4.07.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.66 during midday trading on Tuesday, hitting $57.56. The company had a trading volume of 1,177,528 shares, compared to its average volume of 1,056,963. The company’s 50 day simple moving average is $56.56 and its 200 day simple moving average is $58.22. Agree Realty has a 52-week low of $52.69 and a 52-week high of $69.26. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 33.57, a PEG ratio of 2.62 and a beta of 0.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74.

Agree Realty Increases Dividend

The business 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 is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a dividend yield of 5.21%. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is 173.10%.

Wall Street Analysts Forecast Growth

ADC has been the topic of several analyst reports. JMP Securities upgraded Agree Realty from a market perform rating to an outperform rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd. BMO Capital Markets began coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an outperform rating and a $69.00 target price on the stock. Royal Bank of Canada reduced their price target on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a report on Thursday, February 15th. Mizuho reduced their price target on Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a report on Thursday, March 7th. Finally, StockNews.com cut Agree Realty from a hold rating to a sell rating in a report on Friday, March 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $65.61.

Insider Buying and Selling

In other news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was purchased 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 in the company, valued at approximately $32,112,896.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was purchased 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 in the company, valued at approximately $32,112,896.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. purchased 20,430 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was bought at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by insiders.

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.