Agree Realty Co. (NYSE:ADC) Plans Apr 25 Dividend of $0.26

Agree Realty Co. (NYSE:ADC) announced a apr 25 dividend on Thursday, April 10th, RTT News reports. Stockholders of record on Wednesday, April 30th will be given a dividend of 0.256 per share by the real estate investment trust on Wednesday, May 14th.

Agree Realty has raised its dividend by an average of 6.2% annually over the last three years. Agree Realty has a payout ratio of 157.5% 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 $4.47 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 68.0%.

Agree Realty Stock Performance

NYSE ADC traded down $0.10 on Thursday, reaching $72.83. The stock had a trading volume of 1,462,122 shares, compared to its average volume of 977,779. Agree Realty has a 1-year low of $54.78 and a 1-year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a fifty day moving average of $74.08 and a two-hundred day moving average of $73.82. The company has a market cap of $7.82 billion, a P/E ratio of 40.91, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, equities research analysts anticipate that Agree Realty will post 4.27 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ADC shares. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price for the company. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Finally, Stifel Nicolaus reduced their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.38.

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.