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

Agree Realty (NYSE:ADC) released its earnings results on Tuesday. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61), Yahoo Finance reports. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.00 EPS. 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 0.7 %

Shares of ADC stock opened at $75.49 on Friday. Agree Realty has a 52-week low of $52.69 and a 52-week high of $77.47. The company has a 50-day simple moving average of $74.46 and a two-hundred day simple moving average of $66.48. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 44.12, a PEG ratio of 2.47 and a beta of 0.61.

Agree Realty Increases Dividend

The company 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 dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is presently 178.24%.

Analyst Ratings Changes

ADC has been the topic of a number of research analyst reports. BTIG Research increased their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Truist Financial increased their price target on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. KeyCorp increased their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, Raymond James boosted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $73.88.

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.