Agree Realty (NYSE:ADC) Issues FY24 Earnings Guidance

Agree Realty (NYSE:ADC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.12-4.14 for the period, compared to the consensus estimate of $4.10. Agree Realty also updated its FY 2024 guidance to 4.120-4.140 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADC. UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Royal Bank of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Stifel Nicolaus lifted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Truist Financial upped their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $73.88.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $75.00 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty has a 52 week low of $52.69 and a 52 week high of $77.47. The firm has a market cap of $7.55 billion, a PE ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The firm’s fifty day moving average is $74.46 and its 200-day moving average is $66.48.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the firm posted $1.00 EPS. The company’s quarterly revenue was up 12.8% on a year-over-year basis. Sell-side analysts predict that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.05%. Agree Realty’s dividend payout ratio (DPR) is presently 178.24%.

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.