Agree Realty Co. (NYSE:ADC) to Issue Dividend Increase – $0.59 Per Share

Agree Realty Co. (NYSE:ADC) declared a quarterly dividend on Thursday, December 5th, Wall Street Journal reports. Investors of record on Friday, December 20th will be given a dividend of 0.585 per share by the real estate investment trust on Friday, January 3rd. This represents a $2.34 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Thursday, December 19th. This is an increase from Agree Realty’s previous quarterly dividend of $0.57.

NYSE:ADC traded down $1.08 during midday trading on Thursday, hitting $72.69. 329,540 shares of the company were exchanged, compared to its average volume of 298,759. Agree Realty has a fifty-two week low of $56.46 and a fifty-two week high of $79.54. The company has a market capitalization of $3.17 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 4.14 and a beta of -0.03. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $75.56 and a 200 day simple moving average of $70.93.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.06. The company had revenue of $48.08 million during the quarter, compared to the consensus estimate of $47.28 million. Agree Realty had a net margin of 40.18% and a return on equity of 5.16%. As a group, equities research analysts expect that Agree Realty will post 3.06 EPS for the current year.

ADC has been the subject of several research reports. Berenberg Bank started coverage on Agree Realty in a report on Tuesday, October 1st. They issued a “buy” rating and a $82.00 target price for the company. Zacks Investment Research upgraded Agree Realty from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a research note on Tuesday, September 24th. Wells Fargo & Co reaffirmed a “buy” rating and set a $82.00 price target on shares of Agree Realty in a research report on Friday, August 30th. ValuEngine cut Agree Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Capital One Financial began coverage on Agree Realty in a report on Thursday. They issued an “overweight” rating and a $82.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $76.71.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.

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Dividend History for Agree Realty (NYSE:ADC)

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