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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Friday, October 11th, Wall Street Journal reports. Stockholders of record on Thursday, October 31st will be given a dividend of 0.253 per share by the real estate investment trust on Thursday, November 14th. This represents a $3.04 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has increased its dividend payment by an average of 14.8% per year over the last three years. Agree Realty has a payout ratio of 161.3% 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 $4.26 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

Agree Realty stock traded up $0.23 during midday trading on Friday, reaching $73.49. The company had a trading volume of 570,821 shares, compared to its average volume of 952,218. The company has a market capitalization of $7.39 billion, a P/E ratio of 40.71, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty has a 12-month low of $52.69 and a 12-month high of $77.30. The firm’s fifty day simple moving average is $73.75 and its 200-day simple moving average is $65.17. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The company had revenue of $152.58 million during 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 company’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. As a group, equities analysts anticipate that Agree Realty will post 4.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADC. KeyCorp raised 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. Royal Bank of Canada raised their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Stifel Nicolaus raised their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James raised their price target 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. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $72.21.

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.