Agree Realty Corporation (NYSE:ADC - Get Free Report) announced a monthly dividend on Friday, July 11th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date of this dividend is Thursday, July 31st.
Agree Realty has a dividend 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. Equities 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 Trading Up 1.2%
NYSE:ADC traded up $0.84 on Monday, reaching $72.46. 924,598 shares of the company's stock were exchanged, compared to its average volume of 1,102,526. The firm has a market capitalization of $7.97 billion, a price-to-earnings ratio of 40.94, a price-to-earnings-growth ratio of 2.32 and a beta of 0.54. The business has a fifty day moving average of $74.20 and a 200-day moving average of $73.94. Agree Realty has a 52-week low of $64.10 and a 52-week high of $79.65. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54.
Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The firm had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same period last year, the business posted $0.43 earnings per share. As a group, analysts expect that Agree Realty will post 4.27 earnings per share for the current year.
Institutional Trading of Agree Realty
An institutional investor recently raised its position in Agree Realty stock. Jane Street Group LLC lifted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 268.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,365 shares of the real estate investment trust's stock after buying an additional 19,948 shares during the quarter. Jane Street Group LLC's holdings in Agree Realty were worth $2,112,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 97.83% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on ADC shares. Evercore ISI increased their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. UBS Group decreased their target price on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Barclays set a $77.00 target price on Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Finally, Truist Financial raised their price objective on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average price target of $80.54.
Read Our Latest Research Report on Agree Realty
Agree Realty Company Profile
(
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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.
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