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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Wednesday, May 14th, Wall Street Journal reports. Investors 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 4.16%. The ex-dividend date of this dividend 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 by an average of 6.2% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Agree Realty has a dividend payout ratio of 158.2% indicating that 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 $3.07 annual dividend with an expected future payout ratio of 68.7%.

Agree Realty Price Performance

Shares of NYSE ADC opened at $73.91 on Friday. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 41.52, a PEG ratio of 2.88 and a beta of 0.57. 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’s 50 day simple moving average is $75.71 and its 200-day simple moving average is $74.08. Agree Realty has a 12 month low of $58.52 and a 12 month high of $79.65.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to analysts’ expectations 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 in the prior year, the firm posted $0.43 EPS. Analysts expect that Agree Realty will post 4.27 EPS for the current year.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of research analyst reports. Truist Financial upped their price objective on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. BTIG Research cut shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 7th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a report on Wednesday, April 30th. UBS Group reduced their price target on Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.04.

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.