Agree Realty (NYSE:ADC) Releases Quarterly Earnings Results, Misses Estimates By $0.61 EPS

by · The Cerbat Gem

Agree Realty (NYSE:ADC – Get Free Report) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61), Yahoo Finance reports. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the company posted $1.00 EPS. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Agree Realty updated its FY24 guidance to $4.12-4.14 EPS and its FY 2024 guidance to 4.120-4.140 EPS.

Agree Realty Trading Up 1.7 %

Shares of NYSE:ADC traded up $1.24 during midday trading on Wednesday, reaching $76.35. The company had a trading volume of 453,127 shares, compared to its average volume of 943,518. The company has a fifty day simple moving average of $74.30 and a two-hundred day simple moving average of $66.34. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. 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 1-year low of $52.69 and a 1-year high of $77.30.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a $0.253 dividend. 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 dividend on an annualized basis and a dividend yield of 3.98%. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Stifel Nicolaus increased their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada raised their target price on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial raised their target price on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Finally, BTIG Research raised their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $73.04.

Check Out Our Latest Research Report on ADC

About Agree Realty

(Get Free Report)

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.

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