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

Agree Realty (NYSE:ADC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 4.100-4.130 for the period, compared to the consensus 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

Several research firms have recently commented on ADC. StockNews.com downgraded shares of Agree Realty from a hold rating to a sell rating in a research note on Friday, March 8th. JMP Securities upgraded shares of 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. Mizuho decreased their price objective on shares of Agree Realty from $65.00 to $60.00 and set a neutral rating for the company in a research report on Thursday, March 7th. Stifel Nicolaus decreased their price objective on shares of 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, Wells Fargo & Company decreased their price objective on shares of Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty has an average rating of Moderate Buy and an average price target of $65.61.

Agree Realty Stock Up 1.3 %

Agree Realty stock traded up $0.72 during mid-day trading on Tuesday, reaching $57.62. 1,177,999 shares of the company’s stock were exchanged, compared to its average volume of 1,061,406. The company has a market cap of $5.80 billion, a P/E ratio of 33.66, a P/E/G ratio of 2.62 and a beta of 0.52. Agree Realty has a twelve month low of $52.69 and a twelve month high of $69.26. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $56.56 and a 200-day moving average of $58.22.

Agree Realty Increases Dividend

The company also recently disclosed 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. 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.21%. Agree Realty’s dividend payout ratio is currently 173.10%.

Insider Buying and Selling at Agree Realty

In related news, CEO Joey Agree bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now directly 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 SEC, which is available at the SEC website. In related news, Chairman Richard Agree acquired 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was bought 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 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 three months, insiders have bought 42,482 shares of company stock valued at $2,397,572. 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.