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

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 dividend on an annualized basis 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. 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 Stock Performance

NYSE:ADC traded down $0.03 during midday trading on Wednesday, reaching $70.62. The stock had a trading volume of 673,658 shares, compared to its average volume of 1,057,836. The stock has a market capitalization of $7.31 billion, a P/E ratio of 39.02, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm’s fifty day simple moving average is $73.40 and its 200-day simple moving average is $72.36.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. On average, equities research analysts forecast that Agree Realty will post 4.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of research analyst reports. Royal Bank of Canada cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Mizuho reduced their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Evercore ISI began coverage on Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average target price of $78.53.

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.