Agree Realty Co. (ADC) To Go Ex-Dividend on August 30th

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, August 13th, Wall Street Journal reports. Stockholders of record on Friday, August 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Monday, September 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend is Friday, August 30th.

Agree Realty has raised its dividend by an average of 14.8% annually over the last three years. Agree Realty has a dividend payout ratio of 162.2% indicating that 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 $4.24 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 70.8%.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $71.71 on Thursday. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $73.20. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a fifty day moving average price of $65.14 and a 200 day moving average price of $60.38. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 42.38, a P/E/G ratio of 2.80 and a beta of 0.58.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the business earned $0.98 earnings per share. As a group, sell-side analysts expect that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the acquisition, the director now directly owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the subject of a number of research reports. Mizuho lifted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. UBS Group boosted their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. KeyCorp assumed coverage on shares of Agree Realty in a report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target on the stock. Royal Bank of Canada boosted their target price on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.29.

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.