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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, November 12th,Wall Street Journal reports. Stockholders of record on Friday, November 29th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, December 13th. This represents a $3.04 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, November 29th.

Agree Realty has increased its dividend payment by an average of 14.8% per year over the last three years. Agree Realty has a dividend payout ratio of 168.0% meaning 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 $4.29 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 70.9%.

Agree Realty Price Performance

Shares of ADC stock opened at $76.97 on Wednesday. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.58. The stock’s fifty day moving average is $75.11 and its 200-day moving average is $69.51. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $7.97 billion, a PE ratio of 42.52, a PEG ratio of 3.10 and a beta of 0.61.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ADC. Wells Fargo & Company lowered their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Raymond James increased their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. BTIG Research increased their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. UBS Group increased their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, KeyCorp raised their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

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.