Agree Realty Co. (ADC) To Go Ex-Dividend on September 30th

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, September 10th, Zacks reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, September 30th.

Agree Realty has increased its dividend by an average of 14.8% annually over the last three years. Agree Realty has a dividend payout ratio of 163.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Agree Realty to earn $4.26 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 70.4%.

Agree Realty Price Performance

NYSE ADC traded down $0.10 during trading on Thursday, hitting $75.86. 63,178 shares of the stock traded hands, compared to its average volume of 961,913. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a 12-month low of $52.69 and a 12-month high of $77.14. The firm has a 50-day simple moving average of $70.02 and a 200-day simple moving average of $62.53. The company has a market capitalization of $7.63 billion, a P/E ratio of 44.77, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. During the same quarter in the prior year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, analysts predict that Agree Realty will post 4.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ADC shares. Truist Financial lifted their price target on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus lifted their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company increased their price target on Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Raymond James raised their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $70.42.

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.