Agree Realty Co. (NYSE:ADC - Get Free Report) declared a monthly dividend on Tuesday, May 14th, Wall Street Journal reports. Stockholders of record on Friday, May 31st will be paid a dividend of 0.25 per share by the real estate investment trust on Friday, June 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Friday, May 31st.
Agree Realty has raised its dividend payment by an average of 14.8% annually over the last three years and has increased its dividend every year for the last 2 years. Agree Realty has a dividend payout ratio of 163.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Agree Realty to earn $4.21 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 71.3%.
Agree Realty Price Performance
NYSE ADC traded down $0.17 during trading on Wednesday, hitting $60.19. 954,756 shares of the stock traded hands, compared to its average volume of 1,012,789. The company has a market capitalization of $6.06 billion, a P/E ratio of 35.41, a price-to-earnings-growth ratio of 2.76 and a beta of 0.52. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The firm has a 50-day simple moving average of $57.23 and a 200-day simple moving average of $58.66. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on ADC shares. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, February 15th. JMP Securities upgraded shares of Agree Realty from a "market perform" rating to an "outperform" rating and set a $71.00 target price for the company in a report on Monday, January 22nd. Truist Financial cut their price target on shares of Agree Realty from $70.00 to $68.00 and set a "buy" rating on the stock in a report on Tuesday, February 27th. Stifel Nicolaus dropped their target price on Agree Realty from $70.00 to $69.50 and set a "buy" rating for the company in a research report on Wednesday, February 14th. Finally, StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $65.83.
View Our Latest Stock Report on Agree Realty
Insider Activity at Agree Realty
In other news, CEO Joey Agree bought 2,000 shares of Agree Realty stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company's stock, valued at approximately $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Joey Agree purchased 2,000 shares of the business's stock in a transaction on Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company's stock, valued at $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John Rakolta, Jr. purchased 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The shares were acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the transaction, the director now owns 392,549 shares of the company's stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders have purchased a total of 42,482 shares of company stock valued at $2,397,572 over the last quarter. 1.80% of the stock is owned by corporate insiders.
About Agree Realty
(
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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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