Agree Realty Co. (ADC) to Issue Monthly Dividend of $0.25 on January 15th

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Thursday, December 12th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.253 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.04 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Tuesday, December 31st.

Agree Realty has increased its dividend by an average of 14.8% per year over the last three years. Agree Realty has a dividend payout ratio of 165.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Performance

ADC opened at $70.30 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty has a 52-week low of $54.28 and a 52-week high of $78.39. The firm has a market cap of $7.28 billion, a P/E ratio of 38.84, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. The business’s fifty day moving average is $74.54 and its 200-day moving average is $71.56.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.00 earnings per share. Sell-side analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ADC shares. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. BTIG Research raised their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Evercore ISI initiated coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.03.

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.