Agree Realty Co. (ADC) to Issue Monthly Dividend of $0.25 on May 14th

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Monday, April 8th, Wall Street Journal reports. Investors of record on Tuesday, April 30th will be given a dividend of 0.25 per share by the real estate investment trust on Tuesday, May 14th. This represents a $3.00 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has increased its dividend by an average of 6.7% per year over the last three years and has raised its dividend every year for the last 2 years. Agree Realty has a dividend payout ratio of 163.0% meaning 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 $4.20 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 71.4%.

Agree Realty Price Performance

NYSE:ADC opened at $57.75 on Friday. The firm has a market cap of $5.81 billion, a PE ratio of 33.97, a price-to-earnings-growth ratio of 2.68 and a beta of 0.52. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a quick ratio of 0.74, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average price is $56.63 and its two-hundred day moving average price is $58.26.

Analysts Set New Price Targets

A number of equities analysts have commented on ADC shares. BMO Capital Markets started coverage on shares of Agree Realty in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price target on the stock. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research report on Monday, January 22nd. Royal Bank of Canada reduced their price target on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Mizuho reduced their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. Finally, Wells Fargo & Company reduced their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.61.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Joey Agree bought 2,000 shares of the stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard Agree bought 16,000 shares of the stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock worth $2,397,572 over the last ninety days. Company insiders own 1.80% of the company’s stock.

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.