Agree Realty Co. (ADC) to Issue Monthly Dividend of $0.25 on January 15th

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Thursday, December 12th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.04 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

Agree Realty has increased its dividend by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 166.1% 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 $4.30 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 70.7%.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $74.67 on Friday. The stock has a market cap of $7.73 billion, a price-to-earnings ratio of 41.25, a P/E/G ratio of 3.66 and a beta of 0.62. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. The company’s fifty day moving average is $75.23 and its 200 day moving average is $70.76. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the firm earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. Sell-side analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on ADC shares. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Monday, December 9th. BTIG Research boosted their target price on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a research report on Wednesday. They set a “buy” rating and a $88.00 price target on the stock. Robert W. Baird increased their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company cut their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.18.

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.