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

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, February 20th. Royal Bank of Canada dropped their target price on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a research report on Thursday, February 15th. Mizuho lowered their target price on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, March 7th. Stifel Nicolaus lowered their price target 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, Truist Financial decreased their target price on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a report on Tuesday, February 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Agree Realty currently has a consensus rating of Moderate Buy and an average target price of $65.61.

Agree Realty Stock Up 0.1 %

Shares of NYSE ADC traded up $0.07 during mid-day trading on Friday, hitting $58.12. The company had a trading volume of 173,603 shares, compared to its average volume of 1,051,877. The business’s 50-day simple moving average is $56.62 and its 200 day simple moving average is $58.25. The company has a market capitalization of $5.85 billion, a PE ratio of 34.16, a price-to-earnings-growth ratio of 2.68 and a beta of 0.52. 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 0.50, a current ratio of 0.71 and a quick ratio of 0.74.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 174.12%.

Insider Transactions at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John Rakolta, Jr. acquired 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The stock was purchased at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the purchase, the director now directly owns 392,549 shares in the company, valued at approximately $22,375,293. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joey Agree purchased 2,000 shares of Agree Realty stock in a transaction that occurred 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 purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders have acquired a total of 42,482 shares of company stock worth $2,397,572 in the last 90 days. 1.80% of the stock is owned by insiders.

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.