Agree Realty Co. (NYSE:ADC – Get Rating) announced a monthly dividend on Thursday, May 12th, Zacks reports. Shareholders of record on Tuesday, May 31st will be paid a dividend of 0.234 per share by the real estate investment trust on Tuesday, June 14th. This represents a $2.81 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Friday, May 27th.
Agree Realty has raised its dividend payment by an average of 6.5% annually over the last three years and has raised its dividend every year for the last 1 years. Agree Realty has a dividend payout ratio of 153.6% meaning 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 $4.04 per share next year, which means the company should continue to be able to cover its $2.81 annual dividend with an expected future payout ratio of 69.6%.
Shares of NYSE:ADC opened at $68.38 on Friday. The firm has a market capitalization of $5.14 billion, a PE ratio of 38.42, a P/E/G ratio of 2.17 and a beta of 0.40. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average of $67.15 and a two-hundred day moving average of $67.33. Agree Realty has a 12 month low of $61.62 and a 12 month high of $75.95.
In other news, CEO Joey Agree bought 1,749 shares of the firm’s stock in a transaction dated Tuesday, March 22nd. The stock was bought at an average price of $64.03 per share, for a total transaction of $111,988.47. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.20% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Morgan Stanley raised its stake in Agree Realty by 77.4% during the 2nd quarter. Morgan Stanley now owns 869,942 shares of the real estate investment trust’s stock valued at $61,322,000 after acquiring an additional 379,544 shares in the last quarter. Vanguard Group Inc. raised its stake in Agree Realty by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 11,456,849 shares of the real estate investment trust’s stock valued at $760,276,000 after acquiring an additional 361,722 shares in the last quarter. Centersquare Investment Management LLC raised its stake in Agree Realty by 6.1% during the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust’s stock valued at $252,757,000 after acquiring an additional 218,492 shares in the last quarter. Marshall Wace LLP bought a new stake in Agree Realty during the 4th quarter valued at $6,118,000. Finally, Edgestream Partners L.P. raised its stake in Agree Realty by 195.4% during the 1st quarter. Edgestream Partners L.P. now owns 81,038 shares of the real estate investment trust’s stock valued at $5,378,000 after acquiring an additional 53,603 shares in the last quarter.
A number of equities research analysts have recently issued reports on the company. Bank of America assumed coverage on Agree Realty in a research note on Tuesday, February 8th. They issued a “neutral” rating and a $72.00 target price for the company. StockNews.com assumed coverage on Agree Realty in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Raymond James lowered their target price on Agree Realty from $83.00 to $76.00 and set a “strong-buy” rating for the company in a research note on Thursday, February 24th. Stifel Nicolaus lowered their target price on Agree Realty from $81.00 to $80.50 and set a “buy” rating for the company in a research note on Wednesday, February 23rd. Finally, JMP Securities initiated coverage on Agree Realty in a report on Tuesday. They issued an “outperform” rating and a $81.00 price target for the company. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $76.71.
About Agree Realty (Get Rating)
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 September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.
- Get a free copy of the StockNews.com research report on Agree Realty (ADC)
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