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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Friday, December 13th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.04 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Tuesday, December 31st.

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 168.0% 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 $4.30 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 70.7%.

Agree Realty Stock Up 1.4 %

NYSE ADC traded up $1.02 on Friday, reaching $74.66. The company had a trading volume of 516,078 shares, compared to its average volume of 941,970. The firm has a market capitalization of $7.73 billion, a PE ratio of 40.67, a P/E/G ratio of 3.66 and a beta of 0.62. The firm has a 50-day moving average of $75.22 and a 200-day moving average of $70.65. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. 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 quarterly earnings data 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 net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the company earned $1.00 earnings per share. The business’s quarterly revenue was up 12.8% on a year-over-year basis. On average, equities research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Analyst Ratings Changes

ADC has been the subject of several research analyst reports. Truist Financial boosted their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group raised their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Robert W. Baird raised their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Evercore ISI started coverage on shares of Agree Realty in a research report on Thursday. They set an “outperform” rating and a $82.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $77.23.

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.