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

Agree Realty Corporation (NYSE:ADC - Get Free Report) announced a monthly dividend on Friday, July 11th, Wall Street Journal reports. Investors of record on Thursday, July 31st will be paid 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 yield of 4.29%. The ex-dividend date of this dividend is Thursday, July 31st.

Agree Realty has a payout ratio of 155.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Price Performance

ADC traded up $0.62 during midday trading on Friday, hitting $71.60. 2,127,586 shares of the company traded hands, compared to its average volume of 1,101,961. The business has a 50 day simple moving average of $74.20 and a two-hundred day simple moving average of $73.90. Agree Realty has a 52-week low of $63.87 and a 52-week high of $79.65. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 40.45, a PEG ratio of 2.30 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 (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. During the same period last year, the company posted $0.43 EPS. On average, equities analysts forecast that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research reports. Stifel Nicolaus boosted their price target on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Morgan Stanley cut shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a research note on Friday. Mizuho dropped their target price 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. UBS Group decreased their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Finally, Evercore ISI boosted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $80.54.

Institutional Investors Weigh In On Agree Realty

A hedge fund recently raised its stake in Agree Realty stock. Jane Street Group LLC raised its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 268.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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. Institutional investors own 97.83% of the company's stock.

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.