Agree Realty Co. Announces Monthly Dividend of $0.25 (NYSE:ADC)

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, November 12th,Wall Street Journal reports. Investors of record on Friday, November 29th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, December 13th. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Friday, November 29th.

Agree Realty has increased its dividend by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 168.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Agree Realty to earn $4.29 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 70.9%.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $77.65 on Thursday. The company has a market capitalization of $8.04 billion, a PE ratio of 42.90, a P/E/G ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a 50-day simple moving average of $75.15 and a two-hundred day simple moving average of $69.57. Agree Realty has a one year low of $54.28 and a one year high of $78.39.

Agree Realty (NYSE:ADC) last announced its 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). The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.00 earnings per share. Research analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Royal Bank of Canada upped their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Truist Financial upped their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

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.