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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Wednesday, August 14th, Wall Street Journal reports. Shareholders of record on Friday, August 30th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, September 16th. This represents a $3.00 annualized dividend and a yield of 4.17%. The ex-dividend date is Friday, August 30th.

Agree Realty has raised its dividend payment by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 162.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Agree Realty to earn $4.24 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 70.8%.

Agree Realty Stock Performance

NYSE:ADC traded up $0.16 during midday trading on Wednesday, reaching $72.00. The stock had a trading volume of 1,036,713 shares, compared to its average volume of 967,359. The stock has a market capitalization of $7.25 billion, a P/E ratio of 42.35, a PEG ratio of 2.80 and a beta of 0.58. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty has a 1-year low of $52.69 and a 1-year high of $73.20. The firm’s fifty day simple moving average is $64.93 and its 200-day simple moving average is $60.29.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results 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 business had revenue of $152.58 million for 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 quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 earnings per share. On average, equities research analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the acquisition, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. BTIG Research lifted their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday. KeyCorp initiated coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective on the stock. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, Stifel Nicolaus boosted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $68.29.

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.