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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, November 12th,Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend is Friday, November 29th.

Agree Realty has raised its dividend by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 167.0% 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 $4.28 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 71.0%.

Agree Realty Trading Up 0.6 %

ADC traded up $0.43 during trading on Wednesday, hitting $76.65. 653,593 shares of the company’s stock were exchanged, compared to its average volume of 972,709. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a 1 year low of $54.28 and a 1 year high of $77.47. The stock has a 50 day moving average price of $74.95 and a 200 day moving average price of $68.24. The firm has a market cap of $7.93 billion, a P/E ratio of 42.15, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million for 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%. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.00 earnings per share. As a group, analysts expect that Agree Realty will post 4.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Royal Bank of Canada upped their price target 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 target 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. KeyCorp upped their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. UBS Group upped their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Finally, Robert W. Baird upped their price target 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. Four equities 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $74.19.

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.