Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $4.10-$4.13 for the period, compared to the consensus EPS estimate of $4.07.

Agree Realty Stock Up 1.2 %

ADC stock traded up $0.66 during trading hours on Tuesday, reaching $57.56. 1,177,726 shares of the stock were exchanged, compared to its average volume of 1,061,400. The firm’s 50-day moving average is $56.56 and its 200-day moving average is $58.22. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 33.66, 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 has a 12 month low of $52.69 and a 12 month high of $69.26.

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 paid a $0.25 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.21%. Agree Realty’s payout ratio is currently 173.10%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ADC. JMP Securities upgraded shares of 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 assumed coverage on Agree Realty in a research note on Tuesday, February 13th. They set an outperform rating and a $69.00 price target on the stock. Royal Bank of Canada decreased 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. Stifel Nicolaus decreased their target price on Agree Realty from $70.00 to $69.50 and set a buy rating on the stock in a research note on Wednesday, February 14th. Finally, Wells Fargo & Company reduced their price target on Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $65.61.

Insider Activity

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