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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Thursday, December 12th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.04 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

Agree Realty has increased its dividend payment by an average of 14.8% per year over the last three years. Agree Realty has a dividend 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. Research analysts expect Agree Realty to earn $4.30 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 70.7%.

Agree Realty Stock Performance

ADC traded up $1.03 during midday trading on Friday, reaching $74.67. The company had a trading volume of 516,102 shares, compared to its average volume of 941,970. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.73 billion, a P/E ratio of 40.67, a P/E/G ratio of 3.66 and a beta of 0.62. The business has a 50-day moving average of $75.22 and a two-hundred day moving average of $70.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 22nd. 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). The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the company earned $1.00 earnings per share. As a group, equities research analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Royal Bank of Canada increased their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Monday. Evercore ISI assumed coverage on shares of Agree Realty in a research report on Thursday. They issued an “outperform” rating and a $82.00 price target on the stock. Raymond James increased their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, UBS Group boosted their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $77.23.

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.