Agree Realty (NYSE:ADC) Issues Earnings Results

Agree Realty (NYSE:ADC) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51), Yahoo Finance reports. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same period last year, the business posted $0.98 EPS. The company’s revenue was up 17.5% on a year-over-year basis. Agree Realty updated its FY24 guidance to $4.11-4.14 EPS and its FY 2024 guidance to 4.110-4.140 EPS.

Agree Realty Stock Performance

Agree Realty stock traded up $0.42 during mid-day trading on Thursday, reaching $68.27. 433,869 shares of the company’s stock were exchanged, compared to its average volume of 929,458. The business’s fifty day simple moving average is $61.98 and its 200 day simple moving average is $59.41. The firm has a market capitalization of $6.87 billion, a PE ratio of 40.24, a P/E/G ratio of 2.65 and a beta of 0.58. Agree Realty has a one year low of $52.69 and a one year high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 4.39%. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of equities research analysts have commented on ADC shares. KeyCorp started coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective for the company. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Mizuho raised their price objective on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. Royal Bank of Canada raised their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Stifel Nicolaus lifted their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.

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.