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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, September 10th, Zacks reports. Shareholders 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 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Monday, September 30th.

Agree Realty has raised its dividend by an average of 14.8% per year over the last three years. Agree Realty has a dividend payout ratio of 163.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Performance

Shares of ADC traded down $0.13 during mid-day trading on Thursday, hitting $75.83. 56,715 shares of the company’s stock were exchanged, compared to its average volume of 961,876. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a 52 week low of $52.69 and a 52 week high of $77.14. The stock’s 50-day simple moving average is $70.02 and its 200-day simple moving average is $62.53. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 44.77, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the business earned $0.98 EPS. On average, equities research analysts expect that Agree Realty will post 4.12 EPS for the current year.

Wall Street Analyst Weigh In

ADC has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. KeyCorp assumed coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target on the stock. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Raymond James raised their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada boosted their price target on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $70.42.

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.