Agree Realty Corporation to Issue Jul 25 Dividend of $0.26 (NYSE:ADC)

Agree Realty Corporation (NYSE:ADC - Get Free Report) declared a jul 25 dividend on Thursday, July 10th, RTT News reports. Shareholders of record on Tuesday, July 22nd will be paid a dividend of 0.256 per share by the real estate investment trust on Friday, August 1st.

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 0.0%

Shares of ADC stock traded up $0.02 during trading hours on Thursday, reaching $71.00. The company's stock had a trading volume of 1,283,180 shares, compared to its average volume of 1,098,396. The stock has a market capitalization of $7.81 billion, a P/E ratio of 40.11, a P/E/G ratio of 2.25 and a beta of 0.54. Agree Realty has a one year low of $62.70 and a one year high of $79.65. The firm's fifty day simple moving average is $74.30 and its 200 day simple moving average is $73.89. 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 released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The company had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. During the same period in the previous year, the company posted $0.43 earnings per share. Equities research analysts expect that Agree Realty will post 4.27 EPS for the current year.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADC. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Mizuho reduced their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. UBS Group cut their price target on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Barclays set a $77.00 price target on Agree Realty and gave the company an "equal weight" rating in a report on Wednesday, May 21st. Finally, Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $80.96.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.