Agree Realty Co. Plans Feb 25 Dividend of $0.25 (NYSE:ADC)

Agree Realty Co. (NYSE:ADC) declared a feb 25 dividend on Thursday, February 6th, RTT News reports. Investors of record on Friday, February 28th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, March 14th. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th.

Agree Realty has raised its dividend by an average of 6.2% per year over the last three years. Agree Realty has a payout ratio of 156.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Agree Realty to earn $4.47 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 68.0%.

Agree Realty Price Performance

ADC stock opened at $73.87 on Wednesday. The business’s 50-day moving average is $71.42 and its two-hundred day moving average is $73.54. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $7.92 billion, a P/E ratio of 41.50, a P/E/G ratio of 2.88 and a beta of 0.65. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on ADC. Truist Financial boosted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Stifel Nicolaus cut their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. Finally, Wells Fargo & Company cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $79.62.

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.