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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, September 10th, Zacks reports. Investors of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Monday, September 30th.

Agree Realty has raised its dividend payment by an average of 14.8% annually over the last three 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. Research analysts expect Agree Realty to earn $4.26 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 70.4%.

Agree Realty Price Performance

ADC stock traded up $0.03 during midday trading on Thursday, hitting $75.99. The company’s stock had a trading volume of 38,527 shares, compared to its average volume of 961,773. The firm has a market capitalization of $7.65 billion, a price-to-earnings ratio of 44.77, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a 12 month low of $52.69 and a 12 month high of $77.14. The company has a 50 day moving average of $70.02 and a two-hundred day moving average of $62.53.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The company had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business’s revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 earnings per share. On average, analysts expect that Agree Realty will post 4.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ADC shares. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. UBS Group boosted their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Stifel Nicolaus upped their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, KeyCorp initiated coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective for the company. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.42.

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.