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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Tuesday, January 14th,Wall Street Journal reports. Investors of record on Friday, January 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Friday, February 14th. This represents a $3.04 annualized dividend and a yield of 4.30%. The ex-dividend date of this dividend is Friday, January 31st.

Agree Realty has a dividend payout ratio of 152.8% 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 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 Price Performance

NYSE:ADC traded down $0.03 during trading hours on Wednesday, reaching $70.62. 707,177 shares of the company’s stock were exchanged, compared to its average volume of 1,088,764. 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 capitalization of $7.31 billion, a P/E ratio of 39.02, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The business’s 50-day simple moving average is $73.40 and its two-hundred day simple moving average is $72.36. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the business earned $1.00 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. Sell-side analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADC shares. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Robert W. Baird boosted their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Royal Bank of Canada dropped their price target on Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial boosted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

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.