Agree Realty Co. (NYSE:ADC) Declares Monthly Dividend of $0.25

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Wednesday, January 15th,Wall Street Journal reports. Stockholders of record on Friday, January 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Friday, February 14th. This represents a $3.04 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Friday, January 31st.

Agree Realty has a payout ratio of 152.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Trading Down 0.0 %

NYSE ADC traded down $0.03 on Wednesday, hitting $70.62. 673,658 shares of the company were exchanged, compared to its average volume of 1,057,836. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. The firm has a market capitalization of $7.31 billion, a P/E ratio of 39.02, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company’s 50 day moving average price is $73.40 and its 200-day moving average price is $72.36.

Agree Realty (NYSE:ADC) last released its quarterly earnings results 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the firm earned $1.00 EPS. The firm’s revenue was up 12.8% compared to the same quarter last year. Analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Truist Financial raised their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lowered their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. BTIG Research upped their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $78.53.

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.