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

Key Points

• Agree Realty Corporation has declared a monthly dividend of $0.26, with the ex-dividend date set for August 29th and payment scheduled for September 15th.
• The company's dividend payout ratio stands at 155.8%, indicating reliance on its balance sheet rather than earnings to cover the dividend, although future earnings are expected to improve this ratio.
• Agree Realty reported a net margin of 28.16% and a year-over-year revenue increase of 15%, reflecting robust financial performance despite the high dividend payout ratio.

Agree Realty Corporation (NYSE:ADC - Get Free Report) declared a monthly dividend on Wednesday, August 13th, Wall Street Journal reports. Shareholders of record on Friday, August 29th will be paid a dividend of 0.256 per share by the real estate investment trust on Monday, September 15th. This represents a c) dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, August 29th.

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 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 Down 0.7%

Shares of NYSE ADC traded down $0.50 on Monday, hitting $72.06. The company had a trading volume of 1,463,573 shares, compared to its average volume of 1,097,986. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty has a 12-month low of $67.58 and a 12-month high of $79.65. The firm has a market capitalization of $7.98 billion, a P/E ratio of 42.89, a PEG ratio of 2.36 and a beta of 0.55. The business has a 50 day moving average of $73.19 and a two-hundred day moving average of $74.26.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $175.53 million during the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business's revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $1.04 EPS. As a group, equities research analysts forecast that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joey Agree purchased 4,108 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $72.15 per share, with a total value of $296,392.20. Following the acquisition, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased 6,950 shares of company stock valued at $501,296 in the last three months. Insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. acquired a new position in Agree Realty during the 1st quarter valued at about $27,000. Farther Finance Advisors LLC raised its holdings in shares of Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 306 shares during the last quarter. Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty during the fourth quarter valued at approximately $31,000. SVB Wealth LLC bought a new position in Agree Realty in the 1st quarter worth approximately $33,000. Finally, Capital Advisors Ltd. LLC increased its position in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 270 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Company Profile

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.