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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, March 11th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid 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 3.97%. The ex-dividend date is Monday, March 31st.

Agree Realty has a payout ratio of 157.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Price Performance

Shares of ADC stock opened at $76.56 on Friday. The company’s 50-day simple moving average is $73.80 and its two-hundred day simple moving average is $73.94. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty has a one year low of $54.78 and a one year high of $78.39. The company has a market capitalization of $8.22 billion, a P/E ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and increased their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Evercore ISI started coverage on Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.