Agree Realty Corporation (ADC) to Issue Monthly Dividend of $0.27 on May 14th

Agree Realty Corporation (NYSE:ADC) declared a monthly dividend on Thursday, April 9th. Investors of record on Thursday, April 30th will be paid a dividend of 0.267 per share by the real estate investment trust on Thursday, May 14th. This represents a c) dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Thursday, April 30th. This is a 1.9% increase from Agree Realty’s previous monthly dividend of $0.26.

Agree Realty has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Agree Realty has a dividend payout ratio of 159.4% 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 $3.14 annual dividend with an expected future payout ratio of 70.2%.

Agree Realty Stock Performance

Shares of ADC opened at $78.26 on Friday. The firm has a 50-day moving average price of $77.56 and a 200 day moving average price of $74.37. The firm has a market capitalization of $9.40 billion, a PE ratio of 44.21, a P/E/G ratio of 2.63 and a beta of 0.53. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty has a 52-week low of $69.56 and a 52-week high of $82.08.

Analysts Set New Price Targets

ADC has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their target price on shares of Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Weiss Ratings upgraded shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Mizuho upped their price target on shares of Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, March 11th. Wall Street Zen raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Finally, Stifel Nicolaus upped their price target on shares of Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.21.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.