Agree Realty Corporation (NYSE:ADC) Declares $0.26 Monthly Dividend

Agree Realty Corporation (NYSE:ADC) announced a monthly dividend on Friday, July 11th, Wall Street Journal reports. Stockholders of record on Thursday, July 31st will be given a dividend of 0.256 per share by the real estate investment trust on Thursday, August 14th. This represents a $3.07 annualized dividend and a dividend yield of 4.23%. The ex-dividend date is Thursday, July 31st.

Agree Realty has a 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. 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 Price Performance

Agree Realty stock opened at $72.57 on Tuesday. The firm has a 50-day moving average price of $73.72 and a 200-day moving average price of $74.15. The firm has a market capitalization of $7.98 billion, a PE ratio of 41.00, a price-to-earnings-growth ratio of 2.38 and a beta of 0.54. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty has a 12-month low of $67.58 and a 12-month high of $79.65.

Institutional Investors Weigh In On Agree Realty

An institutional investor recently raised its position in Agree Realty stock. Jane Street Group LLC grew its holdings in Agree Realty Corporation (NYSE:ADC) by 268.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,365 shares of the real estate investment trust’s stock after buying 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 & Exchange Commission. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ADC shares. BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Morgan Stanley lowered shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective for the company. in a report on Friday, July 11th. Mizuho decreased their price objective on shares of Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Finally, Stifel Nicolaus lifted their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $80.32.

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.