Agree Realty Co. (NYSE:ADC) Increases Dividend to $0.25 Per Share

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Friday, October 11th, Wall Street Journal reports. Shareholders of record on Thursday, October 31st will be given a dividend of 0.253 per share by the real estate investment trust on Thursday, November 14th. This represents a $3.04 annualized dividend and a dividend yield of 4.13%. The ex-dividend date is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has raised its dividend payment by an average of 14.8% annually over the last three years. Agree Realty has a payout ratio of 161.3% 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 $4.26 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 70.4%.

Agree Realty Stock Up 0.3 %

Shares of NYSE:ADC traded up $0.23 during trading on Friday, hitting $73.49. The company’s stock had a trading volume of 570,821 shares, compared to its average volume of 952,218. The business has a 50 day moving average price of $73.75 and a two-hundred day moving average price of $65.17. The company has a market capitalization of $7.39 billion, a PE ratio of 40.71, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $77.30.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business’s revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.98 EPS. As a group, research analysts expect that Agree Realty will post 4.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADC has been the subject of several recent analyst reports. KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Truist Financial boosted their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. UBS Group boosted their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Royal Bank of Canada boosted their price target on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $72.21.

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.