Agree Realty Co. (NYSE:ADC) Announces Monthly Dividend of $0.25

Agree Realty Co. (NYSE:ADC) announced a monthly dividend on Monday, April 8th, Wall Street Journal reports. Shareholders of record on Tuesday, April 30th will be given a dividend of 0.25 per share by the real estate investment trust on Tuesday, May 14th. This represents a $3.00 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has increased its dividend payment by an average of 6.7% per year over the last three years and has raised its dividend every year for the last 2 years. Agree Realty has a 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. Equities analysts expect Agree Realty to earn $4.20 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 71.4%.

Agree Realty Stock Down 0.5 %

Agree Realty stock opened at $57.77 on Friday. Agree Realty has a 1-year low of $52.69 and a 1-year high of $69.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.74. The stock has a market cap of $5.81 billion, a PE ratio of 33.98, a P/E/G ratio of 2.66 and a beta of 0.52. The stock’s fifty day moving average is $56.63 and its two-hundred day moving average is $58.29.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADC. JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research note on Monday, January 22nd. Truist Financial cut their target price on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Mizuho cut their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. Royal Bank of Canada cut their target price on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, Wells Fargo & Company cut their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Insider Activity at Agree Realty

In related news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. purchased 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the transaction, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. Insiders have purchased 42,482 shares of company stock worth $2,397,572 in the last quarter. Company insiders own 1.80% of the company’s stock.

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.