Agree Realty Co. to Issue Monthly Dividend of $0.25 (NYSE:ADC)

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, September 10th, Zacks reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Monday, September 30th.

Agree Realty has raised its dividend by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 164.8% 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 $4.26 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 70.4%.

Agree Realty Stock Up 0.5 %

Shares of ADC stock opened at $74.79 on Friday. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The firm has a market capitalization of $7.53 billion, a PE ratio of 43.99, a P/E/G ratio of 2.51 and a beta of 0.61. 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 stock’s 50-day simple moving average is $72.69 and its 200-day simple moving average is $64.04.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 EPS. Equities analysts expect that Agree Realty will post 4.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ADC shares. Truist Financial boosted their price objective on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. UBS Group boosted their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Stifel Nicolaus raised their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company boosted their target price on shares of Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Finally, Raymond James lifted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $70.96.

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.