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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, March 11th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Monday, April 14th. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Monday, March 31st.

Agree Realty has a payout ratio of 157.5% meaning 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 $4.47 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 Performance

Shares of NYSE ADC opened at $76.56 on Friday. The company has a 50 day simple moving average of $73.80 and a two-hundred day simple moving average of $73.94. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 43.01, a PEG ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty has a 12 month low of $54.78 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating 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, analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent research reports. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Stifel Nicolaus decreased their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Evercore ISI started coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Finally, Royal Bank of Canada dropped their target price on 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 investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.