Agree Realty Co. (ADC) To Go Ex-Dividend on June 30th

Agree Realty Co. (NYSE:ADC) declared a jun 25 dividend on Tuesday, June 10th, RTT News reports. Investors of record on Monday, June 30th will be given a dividend of 0.256 per share by the real estate investment trust on Tuesday, July 15th. This represents a yield of 4.1%. The ex-dividend date of this dividend is Monday, June 30th.

Agree Realty has a dividend payout ratio of 155.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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

NYSE ADC opened at $74.49 on Thursday. The stock has a market capitalization of $8.19 billion, a price-to-earnings ratio of 41.85, a PEG ratio of 2.88 and a beta of 0.56. The business’s 50 day moving average is $75.25 and its two-hundred day moving average is $74.01. Agree Realty has a 12-month low of $60.05 and a 12-month high of $79.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

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

Analyst Ratings Changes

ADC has been the subject of a number of research analyst reports. Robert W. Baird raised their price target on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a report on Friday, May 16th. Truist Financial lifted their target price on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. Finally, Evercore ISI raised their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.19.

Institutional Investors Weigh In On Agree Realty

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

Agree Realty Company Profile

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.