Agree Realty Co. (NYSE:ADC) to Issue $0.25 Monthly Dividend

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, March 11th, Wall Street Journal reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.253 per share by the real estate investment trust on Monday, April 14th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Monday, March 31st.

Agree Realty has increased its dividend payment by an average of 6.2% annually over the last three years. Agree Realty has a payout ratio of 156.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Price Performance

Shares of ADC stock traded up $0.48 during trading hours on Thursday, reaching $75.73. The company had a trading volume of 1,722,725 shares, compared to its average volume of 1,002,930. Agree Realty has a 12-month low of $54.78 and a 12-month 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 company has a market capitalization of $8.12 billion, a price-to-earnings ratio of 42.54, a PEG ratio of 2.88 and a beta of 0.64. The stock has a fifty day moving average of $72.39 and a 200-day moving average of $73.74.

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Evercore ISI began coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective on the stock. Mizuho reduced their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Finally, JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.85.

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.