Agree Realty Co. (NYSE:ADC – Get Free Report) 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.
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.
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