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

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Wednesday, March 12th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.253 per share by the real estate investment trust on Monday, April 14th. This represents a $3.04 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Monday, March 31st.

Agree Realty has raised its dividend by an average of 6.2% annually over the last three years. Agree Realty has a dividend payout ratio of 156.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Price Performance

ADC stock traded down $0.67 during mid-day trading on Wednesday, reaching $75.24. 524,269 shares of the company traded hands, compared to its average volume of 980,973. Agree Realty has a 52-week low of $54.78 and a 52-week high of $78.39. The company has a market capitalization of $8.07 billion, a P/E ratio of 42.27, a P/E/G ratio of 2.88 and a beta of 0.64. 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 company has a fifty day moving average price of $72.30 and a 200-day moving average price of $73.73.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, analysts anticipate that Agree Realty will post 4.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of research reports. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

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.