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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, January 14th,Wall Street Journal reports. Shareholders of record on Friday, January 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Friday, February 14th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend is Friday, January 31st.

Agree Realty has a dividend payout ratio of 152.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Trading Down 0.0 %

Shares of ADC stock opened at $70.62 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. The company’s 50-day moving average price is $73.35 and its 200-day moving average price is $72.35. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of 39.02, a PEG ratio of 3.66 and a beta of 0.64.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the company earned $1.00 EPS. As a group, equities analysts predict that Agree Realty will post 4.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of recent analyst reports. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their target price for the company from $79.00 to $84.00 in a research report on Monday, January 6th. KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $78.53.

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.