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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Wednesday, March 12th, Wall Street Journal reports. Investors of record on Monday, March 31st will be given a dividend of 0.253 per share by the real estate investment trust on Monday, April 14th. This represents a $3.04 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Monday, March 31st.

Agree Realty has increased its dividend payment by an average of 6.2% annually over the last three years. Agree Realty has a payout ratio of 156.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Agree Realty to earn $4.47 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 68.0%.

Agree Realty Stock Down 0.9 %

ADC stock opened at $75.24 on Thursday. Agree Realty has a 52 week low of $54.78 and a 52 week high of $78.39. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The business has a 50-day simple moving average of $72.39 and a 200 day simple moving average of $73.74. The company has a market cap of $8.07 billion, a PE ratio of 42.27, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Sell-side analysts anticipate that Agree Realty will post 4.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADC shares. Mizuho lowered their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Evercore ISI assumed coverage on Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. BTIG Research upped their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.85.

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.