Agree Realty Co. (NYSE:ADC) Announces $0.25 Feb 25 Dividend

Agree Realty Co. (NYSE:ADC) declared a feb 25 dividend on Thursday, February 6th,RTT News reports. Stockholders of record on Friday, February 28th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, March 14th.

Agree Realty has increased its dividend payment by an average of 7.6% annually over the last three years. Agree Realty has a dividend payout ratio of 155.1% 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 research analysts expect Agree Realty to earn $4.29 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 70.9%.

Agree Realty Trading Up 0.3 %

Agree Realty stock opened at $73.12 on Friday. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 40.40, a P/E/G ratio of 2.56 and a beta of 0.65. The firm has a 50 day moving average of $72.19 and a 200 day moving average of $73.29. 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

A number of analysts have recently issued reports on ADC shares. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of Agree Realty in a research note on Tuesday, January 28th. Mizuho decreased their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Finally, StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $78.93.

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.