Agree Realty Co. (ADC) to Issue Monthly Dividend of $0.25 on November 14th

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Thursday, October 10th, Wall Street Journal reports. Shareholders of record on Thursday, October 31st will be given a dividend of 0.253 per share by the real estate investment trust on Thursday, November 14th. This represents a $3.04 annualized dividend and a yield of 4.13%. The ex-dividend date is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has increased its dividend by an average of 14.8% per year over the last three years. Agree Realty has a payout ratio of 161.3% meaning 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 $4.26 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 Trading Up 0.3 %

Shares of ADC stock opened at $73.49 on Friday. 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 $77.30. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 43.23, a PEG ratio of 2.47 and a beta of 0.61. The stock has a 50 day simple moving average of $73.79 and a 200-day simple moving average of $65.29.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Wells Fargo & Company reiterated an “overweight” rating and issued a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Truist Financial lifted their price objective on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Royal Bank of Canada boosted their target price on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.21.

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.