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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Wednesday, March 12th, Wall Street Journal reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.253 per share by the real estate investment trust on Monday, April 14th. This represents a $3.04 annualized dividend and a dividend yield of 4.03%. The ex-dividend date is Monday, March 31st.

Agree Realty has increased its dividend by an average of 6.2% per year over the last three years. Agree Realty has a dividend payout ratio of 156.7% indicating that 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 $4.47 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 68.0%.

Agree Realty Stock Down 0.9 %

ADC stock traded down $0.67 during mid-day trading on Wednesday, reaching $75.24. The company had a trading volume of 524,269 shares, compared to its average volume of 980,973. Agree Realty has a 52 week low of $54.78 and a 52 week high of $78.39. The company has a market capitalization of $8.07 billion, a price-to-earnings ratio of 42.27, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a 50 day simple moving average of $72.30 and a two-hundred day simple moving average of $73.73.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, equities analysts predict that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADC shares. Evercore ISI started coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and raised their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Finally, Royal Bank of Canada dropped their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

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.