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 4.110-4.140 for the period, compared to the consensus EPS estimate of 4.080. The company issued revenue guidance of -. Agree Realty also updated its FY24 guidance to $4.11-4.14 EPS.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. KeyCorp assumed coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They issued an overweight rating and a $68.00 price objective on the stock. UBS Group increased their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Mizuho raised their price target on shares of Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a research report on Friday, May 10th. Finally, StockNews.com raised shares of Agree Realty from a sell rating to a hold rating in a research report on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $66.14.

Agree Realty Trading Up 0.6 %

NYSE ADC traded up $0.42 during trading hours on Tuesday, reaching $66.73. The company’s stock had a trading volume of 969,332 shares, compared to its average volume of 924,443. The firm has a fifty day simple moving average of $61.70 and a 200-day simple moving average of $59.33. The stock has a market cap of $6.72 billion, a P/E ratio of 39.01, a P/E/G ratio of 2.63 and a beta of 0.58. Agree Realty has a 52 week low of $52.69 and a 52 week 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 0.71.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 4.50%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the acquisition, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is owned by company 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.