Agree Realty Co. (NYSE:ADC) Announces Jun 25 Dividend of $0.26

Agree Realty Co. (NYSE:ADC - Get Free Report) declared a jun 25 dividend on Tuesday, June 10th, RTT News reports. Investors of record on Monday, June 30th will be paid 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 is Monday, June 30th.

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. Equities research 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

Agree Realty stock traded down $0.31 during mid-day trading on Friday, reaching $74.50. The company had a trading volume of 169,530 shares, compared to its average volume of 1,064,547. The company has a 50 day moving average of $75.32 and a 200-day moving average of $74.00. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 41.85, a PEG ratio of 2.88 and a beta of 0.56. Agree Realty has a 52 week low of $60.18 and a 52 week high of $79.65.

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

Institutional Investors Weigh In On Agree Realty

An institutional investor recently raised its position in Agree Realty stock. Jane Street Group LLC boosted its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 268.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,365 shares of the real estate investment trust's stock after purchasing 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 reporting period. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent analyst reports. Wells Fargo & Company boosted their target price on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Robert W. Baird boosted their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Stifel Nicolaus upped their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Friday, May 16th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $81.19.

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.