Agree Realty Corporation to Issue Monthly Dividend of $0.27 (NYSE:ADC)

Key Points

• Agree Realty declared a monthly dividend of $0.267 per share, payable September 15 to shareholders of record August 31, representing an annualized yield of approximately 4.3%.
• The REIT’s quarterly EPS of $0.44 missed the $0.48 consensus estimate, although revenue rose 16.8% year over year to $216.33 million. Its current dividend payout ratio is elevated at 162.4%, but analysts expect coverage to improve next year.
• Shares recently traded at $74.00, while analysts maintain a consensus “Moderate Buy” rating and an average price target of $83.94.

Agree Realty Corporation (NYSE:ADC - Get Free Report) declared a monthly dividend on Tuesday, August 11th. Stockholders of record on Monday, August 31st will be paid a dividend of 0.267 per share by the real estate investment trust on Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Monday, August 31st.

Agree Realty has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Agree Realty has a dividend payout ratio of 162.4% indicating that 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 $4.67 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 68.5%.

Agree Realty Stock Up 0.8%

Shares of ADC traded up $0.61 during trading hours on Wednesday, hitting $74.00. The stock had a trading volume of 80,937 shares, compared to its average volume of 1,235,898. Agree Realty has a 1-year low of $69.56 and a 1-year high of $82.08. The firm has a market capitalization of $9.20 billion, a P/E ratio of 39.79, a price-to-earnings-growth ratio of 2.42 and a beta of 0.47. The firm has a 50 day simple moving average of $76.70 and a 200-day simple moving average of $76.66. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.04). Agree Realty had a return on equity of 3.90% and a net margin of 28.84%.The firm had revenue of $216.33 million during the quarter, compared to the consensus estimate of $204.53 million. During the same quarter in the previous year, the company posted $1.06 EPS. The firm's revenue was up 16.8% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Sell-side analysts predict that Agree Realty will post 4.45 EPS for the current fiscal year.

Analyst Ratings Changes

ADC has been the topic of a number of recent research reports. Mizuho dropped their price objective on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 13th. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Barclays raised their price target on shares of Agree Realty from $84.00 to $85.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Agree Realty from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group began coverage on Agree Realty in a report on Monday, June 1st. They set a "buy" rating and a $84.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and a consensus target price of $83.94.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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