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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Wednesday, November 13th,Wall Street Journal reports. Investors of record on Friday, November 29th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, December 13th. This represents a $3.04 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Friday, November 29th.

Agree Realty has raised its dividend payment by an average of 14.8% per year over the last three years. Agree Realty has a dividend payout ratio of 167.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Agree Realty to earn $4.28 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 71.0%.

Agree Realty Stock Up 0.6 %

NYSE ADC traded up $0.43 during trading on Wednesday, reaching $76.65. 651,752 shares of the company’s stock traded hands, compared to its average volume of 972,701. The company’s 50 day simple moving average is $74.95 and its two-hundred day simple moving average is $68.24. Agree Realty has a 12-month low of $54.28 and a 12-month high of $77.47. The firm has a market cap of $7.93 billion, a price-to-earnings ratio of 42.15, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the company earned $1.00 EPS. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADC. Royal Bank of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. KeyCorp increased their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, BTIG Research increased their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.19.

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.