Agree Realty Co. (NYSE:ADC) Declares Monthly Dividend of $0.26

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Wednesday, May 14th, Wall Street Journal reports. Investors of record on Friday, May 30th will be paid a dividend of 0.256 per share by the real estate investment trust on Friday, June 13th. This represents a $3.07 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Friday, May 30th. This is a 1.2% increase from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has raised its dividend by an average of 6.2% per year 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 155.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Agree Realty to earn $4.47 per share next year, which means the company should continue to be able to cover its $3.07 annual dividend with an expected future payout ratio of 68.7%.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $75.78 on Wednesday. The company has a market capitalization of $8.34 billion, a PE ratio of 42.57, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a 50-day simple moving average of $75.55 and a two-hundred day simple moving average of $74.13. Agree Realty has a one year low of $58.52 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the previous year, the firm earned $0.43 EPS. Research analysts expect that Agree Realty will post 4.27 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADC. Stifel Nicolaus upped their price target on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Robert W. Baird upped their target price on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. UBS Group decreased their price target on Agree Realty from $86.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company boosted their price target on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Finally, JMP Securities restated a “market perform” rating on shares of Agree Realty in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.19.

Institutional Trading of Agree Realty

An institutional investor recently raised its position in Agree Realty stock. Jane Street Group LLC increased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 268.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,365 shares of the real estate investment trust’s stock after purchasing an additional 19,948 shares during the period. Jane Street Group LLC’s holdings in Agree Realty were worth $2,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 97.83% of the company’s stock.

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.