Agree Realty Co. (ADC) to Issue Monthly Dividend of $0.25 on February 14th

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Tuesday, January 14th,Wall Street Journal reports. Investors of record on Friday, January 31st will be given 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 yield of 4.30%. The ex-dividend date of this dividend is Friday, January 31st.

Agree Realty has a payout ratio of 152.8% 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 Price Performance

Shares of ADC opened at $70.62 on Thursday. The company has a market capitalization of $7.31 billion, a P/E ratio of 39.02, a P/E/G ratio of 3.66 and a beta of 0.64. The business’s 50-day moving average is $73.35 and its two-hundred day moving average is $72.35. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC) last announced 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the business posted $1.00 earnings per share. The firm’s revenue was up 12.8% compared to the same quarter last year. Research analysts predict that Agree Realty will post 4.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ADC shares. Robert W. Baird raised their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Wednesday. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Finally, Royal Bank of Canada reduced their target price on Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.