Agree Realty Co. (ADC) To Go Ex-Dividend on November 29th

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, November 12th,Wall Street Journal reports. Stockholders of record on Friday, November 29th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, December 13th. This represents a $3.04 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, November 29th.

Agree Realty has raised its dividend payment by an average of 14.8% per year over the last three years. Agree Realty has a payout ratio of 168.0% 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 $4.29 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 70.9%.

Agree Realty Stock Up 0.7 %

ADC opened at $76.97 on Wednesday. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 42.52, a PEG ratio of 3.10 and a beta of 0.61. The company has a fifty day moving average of $75.11 and a two-hundred day moving average of $69.51. 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 $77.58.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the business posted $1.00 EPS. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, research analysts expect that Agree Realty will post 4.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. BTIG Research boosted their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Finally, Mizuho increased their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Company Profile

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.