Agree Realty Co. (ADC) to Issue Monthly Dividend of $0.25 on February 14th

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Tuesday, January 14th,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 4.16%. The ex-dividend date of this dividend is Friday, January 31st.

Agree Realty has increased its dividend payment by an average of 7.6% per year over the last three years. Agree Realty has a payout ratio of 154.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Down 2.0 %

Shares of NYSE ADC opened at $72.94 on Wednesday. The stock has a market cap of $7.55 billion, a P/E ratio of 40.30, a PEG ratio of 2.52 and a beta of 0.64. The business’s fifty day simple moving average is $72.71 and its 200-day simple moving average is $73.07. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. KeyCorp boosted their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $79.00 target price on shares of Agree Realty in a research report on Tuesday. Finally, Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $79.07.

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.