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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, June 11th, NASDAQ reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.25 per share by the real estate investment trust on Monday, July 15th. This represents a $3.00 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend is Friday, June 28th.

Agree Realty has increased its dividend payment by an average of 14.8% annually 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. 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 Trading Up 0.4 %

Shares of Agree Realty stock opened at $61.08 on Thursday. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The firm has a market cap of $6.15 billion, a PE ratio of 35.92, a PEG ratio of 2.40 and a beta of 0.56. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. The company has a 50 day simple moving average of $59.74 and a two-hundred day simple moving average of $59.17.

Insider Buying and Selling

In other news, Director Greg Lehmkuhl purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the purchase, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Mizuho lifted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. KeyCorp assumed coverage on shares of Agree Realty in a report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective for the company. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Finally, UBS Group initiated coverage on shares of Agree Realty in a research report on Friday, May 31st. They set a “neutral” rating and a $60.00 price objective on the stock. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

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.