Agree Realty Co. (NYSE:ADC) Declares $0.25 Monthly Dividend

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Thursday, December 12th,Wall Street Journal reports. Stockholders 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 dividend yield of 4.32%. The ex-dividend date is Tuesday, December 31st.

Agree Realty has increased its dividend payment by an average of 14.8% annually over the last three years. Agree Realty has a dividend payout ratio of 165.2% 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 $4.30 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 $70.30 on Friday. The business has a 50-day simple moving average of $74.54 and a 200 day simple moving average of $71.56. Agree Realty has a one year low of $54.28 and a one year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 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 for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the prior year, the firm earned $1.00 EPS. The company’s revenue was up 12.8% compared to the same quarter last year. On average, research analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective on the stock. KeyCorp raised their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Mizuho boosted their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Evercore ISI initiated coverage on Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $78.03.

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.