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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Wednesday, March 12th, Wall Street Journal reports. Investors 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 annualized dividend and a dividend yield of 4.03%. The ex-dividend date is Monday, March 31st.

Agree Realty has raised its dividend payment by an average of 6.2% annually over the last three years. Agree Realty has a dividend 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. Equities 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 Performance

ADC stock opened at $75.24 on Thursday. 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 cap of $8.07 billion, a P/E ratio of 42.27, a P/E/G ratio of 2.88 and a beta of 0.64. The firm has a 50 day simple moving average of $72.39 and a 200 day simple moving average of $73.74. Agree Realty has a 52 week low of $54.78 and a 52 week high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Research analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of recent analyst reports. Stifel Nicolaus dropped their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Evercore ISI started coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Finally, BTIG Research increased their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price 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.