Agree Realty Corporation (ADC) To Go Ex-Dividend on December 19th
Agree Realty Corporation (NYSE:ADC) announced a quarterly dividend on Wednesday, December 6th, Wall Street Journal reports. Stockholders of record on Wednesday, December 20th will be given a dividend of 0.52 per share by the real estate investment trust on Wednesday, January 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Tuesday, December 19th. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51.
Agree Realty has decreased its dividend payment by an average of 4.4% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Agree Realty has a payout ratio of 76.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Agree Realty to earn $2.92 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 71.2%.
Shares of Agree Realty (ADC) opened at $51.18 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63. Agree Realty has a 1 year low of $43.12 and a 1 year high of $51.50. The firm has a market cap of $1,466.34, a P/E ratio of 18.94, a PEG ratio of 3.70 and a beta of 0.56.
A number of equities research analysts have recently weighed in on the stock. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Thursday. B. Riley reiterated a “buy” rating on shares of Agree Realty in a research report on Wednesday, November 1st. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 price objective on shares of Agree Realty in a research note on Tuesday, October 24th. FBR & Co reissued a “buy” rating and issued a $58.00 price objective on shares of Agree Realty in a research note on Tuesday, October 24th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Agree Realty in a research note on Tuesday, October 24th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $52.78.
In other news, CFO Clayton R. Thelen acquired 1,010 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were acquired at an average cost of $49.56 per share, with a total value of $50,055.60. Following the completion of the purchase, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at approximately $251,417.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. acquired 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was purchased at an average cost of $49.67 per share, for a total transaction of $163,911.00. The disclosure for this purchase can be found here. Company insiders own 4.40% of the company’s stock.
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About Agree Realty
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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