Agree Realty Co. to Issue 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 paid a dividend of 0.253 per share by the real estate investment trust on Friday, December 13th. This represents a $3.04 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date 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 dividend 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 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 Price Performance

Shares of NYSE:ADC opened at $76.65 on Thursday. Agree Realty has a twelve month low of $54.28 and a twelve month high of $77.47. The stock’s 50 day moving average is $75.00 and its 200-day moving average is $68.30. 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 firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of 42.35, a PEG ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.00 earnings per share. Sell-side analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADC. Truist Financial boosted their price target 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. Wells Fargo & Company decreased their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Robert W. Baird increased their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Royal Bank of Canada boosted their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, UBS Group lifted their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Four investment 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 company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $74.19.

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.