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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Thursday, December 12th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.253 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.04 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

Agree Realty has raised its dividend by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 168.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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

ADC stock traded up $1.03 during mid-day trading on Friday, reaching $74.67. The company’s stock had a trading volume of 516,102 shares, compared to its average volume of 941,970. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $75.22 and its two-hundred day moving average is $70.65. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The stock has a market cap of $7.73 billion, a PE ratio of 40.67, a P/E/G ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during 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%. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 EPS. Equities research analysts expect that Agree Realty will post 4.12 EPS for the current year.

Analyst Ratings Changes

ADC has been the topic of several analyst reports. UBS Group lifted their price target on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. KeyCorp lifted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Truist Financial increased their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company reduced their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a research report on Wednesday. They issued a “buy” rating and a $88.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.23.

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.