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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Friday, July 12th, Wall Street Journal reports. Stockholders of record on Wednesday, July 31st will be paid a dividend of 0.25 per share by the real estate investment trust on Wednesday, August 14th. This represents a $3.00 annualized dividend and a dividend yield of 4.68%. The ex-dividend date of this dividend is Wednesday, July 31st.

Agree Realty has increased its dividend payment by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 162.2% 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 $4.24 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 70.8%.

Agree Realty Stock Up 0.6 %

Shares of NYSE ADC traded up $0.40 during midday trading on Friday, hitting $64.16. 783,151 shares of the company’s stock were exchanged, compared to its average volume of 929,225. The company has a market cap of $6.46 billion, a PE ratio of 37.51, a P/E/G ratio of 2.45 and a beta of 0.58. Agree Realty has a twelve month low of $52.69 and a twelve month high of $69.26. The firm’s fifty day simple moving average is $60.76 and its 200-day simple moving average is $59.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the purchase, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the topic of several research analyst reports. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Mizuho lifted their price target on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. KeyCorp initiated coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target on the stock. Finally, UBS Group initiated coverage on Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

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.