Agree Realty Co. (NYSE:ADC) Plans Monthly Dividend of $0.26

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Wednesday, May 14th, Wall Street Journal reports. Shareholders of record on Friday, May 30th will be given a dividend of 0.256 per share by the real estate investment trust on Friday, June 13th. This represents a $3.07 annualized dividend and a yield of 4.24%. The ex-dividend date is Friday, May 30th. This is a 1.2% increase from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has raised its dividend payment by an average of 6.2% per year over the last three years and has increased its dividend every year for the last 1 years. Agree Realty has a payout ratio of 158.2% meaning 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 $3.07 annual dividend with an expected future payout ratio of 68.7%.

Agree Realty Stock Performance

Shares of ADC stock opened at $72.48 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty has a 12 month low of $58.52 and a 12 month high of $79.65. The company’s fifty day moving average price is $75.77 and its two-hundred day moving average price is $74.08. The firm has a market capitalization of $7.97 billion, a P/E ratio of 40.72, a P/E/G ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the business posted $0.43 EPS. On average, research analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on ADC. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday. BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 7th. Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Royal Bank of Canada lowered their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.04.

Agree Realty Company Profile

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.