Agree Realty Corporation (NYSE:ADC) Stock to Pay Monthly Dividend of $0.27

Agree Realty Corporation (NYSE:ADC) announced a monthly dividend on Tuesday, November 10th. Stockholders of record on Monday, November 30th will be given a dividend of $0.2710 per share by the real estate investment trust on Monday, December 14th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Monday, November 30th.

Agree Realty has raised its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 1 years. Agree Realty has a dividend payout ratio of 165.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Agree Realty to earn $4.67 per share next year, which means the company should continue to be able to cover its $3.25 annual dividend with an expected future payout ratio of 69.6%.

Agree Realty Price Performance

Shares of ADC stock traded down $0.96 during trading hours on Wednesday, hitting $68.92. 79,558 shares of the company’s stock were exchanged, compared to its average volume of 1,365,815. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.55. The firm has a market cap of $8.97 billion, a P/E ratio of 35.51, a P/E/G ratio of 3.11 and a beta of 0.40. The firm has a 50 day moving average of $68.13 and a two-hundred day moving average of $74.38. Agree Realty has a fifty-two week low of $64.34 and a fifty-two week high of $82.08.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.68. The firm had revenue of $213.88 million for the quarter, compared to analysts’ expectations of $211.52 million. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.10 EPS. Sell-side analysts forecast that Agree Realty will post 4.45 EPS for the current year.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree bought 7,360 shares of Agree Realty stock in a transaction dated Wednesday, September 16th. The stock was acquired at an average cost of $68.06 per share, for a total transaction of $500,921.60. Following the completion of the transaction, the chief executive officer directly owned 682,465 shares of the company’s stock, valued at approximately $46,448,567.90. This represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Erlich bought 1,000 shares of Agree Realty stock in a transaction dated Monday, September 21st. The stock was acquired at an average price of $67.55 per share, with a total value of $67,550.00. Following the completion of the transaction, the insider directly owned 60,388 shares of the company’s stock, valued at approximately $4,079,209.40. The trade was a 1.68% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 48,496 shares of company stock worth $3,418,670. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

A number of hedge funds have recently bought and sold shares of ADC. GW&K Investment Management LLC increased its stake in shares of Agree Realty by 0.5% in the 3rd quarter. GW&K Investment Management LLC now owns 525,023 shares of the real estate investment trust’s stock worth $35,077,000 after acquiring an additional 2,776 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of Agree Realty by 66.0% in the third quarter. Private Advisor Group LLC now owns 5,020 shares of the real estate investment trust’s stock valued at $335,000 after purchasing an additional 1,995 shares during the period. Landscape Capital Management L.L.C. lifted its holdings in Agree Realty by 41.8% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 21,658 shares of the real estate investment trust’s stock worth $1,447,000 after buying an additional 6,388 shares in the last quarter. Composition Wealth LLC acquired a new stake in Agree Realty during the 3rd quarter worth approximately $311,000. Finally, Voya Investment Management LLC grew its stake in shares of Agree Realty by 9.9% in the third quarter. Voya Investment Management LLC now owns 9,946 shares of the real estate investment trust’s stock worth $664,000 after acquiring an additional 899 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation is a real estate investment trust (REIT) focused on acquiring, developing and managing net-leased properties, primarily occupied by retail businesses. Its portfolio includes freestanding stores and other properties leased to national and regional retailers. Under net leases, tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance, while Agree Realty owns the real estate and collects rent. The company’s properties are located across the United States.