Agree Realty Co. (ADC) to Issue Feb 25 Dividend of $0.25 on March 14th

Agree Realty Co. (NYSE:ADC) declared a feb 25 dividend on Thursday, February 6th, RTT News reports. Stockholders of record on Friday, February 28th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, March 14th. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th.

Agree Realty has raised its dividend payment by an average of 6.2% per year over the last three years. Agree Realty has a payout ratio of 156.7% 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 $4.47 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 68.0%.

Agree Realty Stock Up 1.3 %

Shares of ADC opened at $73.87 on Wednesday. The stock has a 50 day moving average price of $71.42 and a 200 day moving average price of $73.54. 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 quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of 41.50, a PEG ratio of 2.88 and a beta of 0.65.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities research analysts forecast that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on ADC shares. Evercore ISI started coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective on the stock. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Barclays reduced their target price on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $79.62.

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.