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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Friday, December 13th,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 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Tuesday, December 31st.

Agree Realty has raised 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% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Up 1.4 %

Agree Realty stock traded up $1.02 during midday trading on Friday, reaching $74.66. The stock had a trading volume of 516,078 shares, compared to its average volume of 941,970. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market cap of $7.73 billion, a price-to-earnings ratio of 40.67, a PEG ratio of 3.66 and a beta of 0.62. The firm’s fifty day simple moving average is $75.22 and its two-hundred day simple moving average is $70.65.

Agree Realty (NYSE:ADC) last issued its 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 business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the business earned $1.00 EPS. Equities analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of research reports. BTIG Research upped their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Truist Financial lifted their target price 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. Mizuho boosted their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Raymond James increased their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.23.

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.