Agree Realty (NYSE:ADC – Get Free Report) updated its FY 2024 earnings guidance on Tuesday. 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.
Analysts Set New Price Targets
A number of research firms recently commented on ADC. Truist Financial dropped 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. Royal Bank of Canada dropped their price objective on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a research report on Thursday, February 15th. StockNews.com cut Agree Realty from a hold rating to a sell rating in a research report on Friday, March 8th. Stifel Nicolaus dropped their price objective on Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a research report on Wednesday, February 14th. Finally, JMP Securities upgraded Agree Realty from a market perform rating to an outperform rating and set a $71.00 price target for the company in a report on Monday, January 22nd. One equities 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. Based on data from MarketBeat.com, Agree Realty has a consensus rating of Moderate Buy and an average price target of $65.61.
Check Out Our Latest Stock Report on ADC
Agree Realty Stock Up 1.3 %
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 given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.21%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s dividend payout ratio is presently 173.10%.
Insider Activity at Agree Realty
In other news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $55.50 per share, with a total value of $888,000.00. Following the transaction, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Richard Agree bought 16,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joey Agree bought 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was bought at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 42,482 shares of company stock valued at $2,397,572. 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.
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