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

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Tuesday, June 11th, NASDAQ reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, July 15th. This represents a $3.00 annualized dividend and a dividend yield of 4.91%. The ex-dividend date is Friday, June 28th.

Agree Realty has raised its dividend by an average of 14.8% per year over the last three years. Agree Realty has a dividend payout ratio of 163.0% indicating that 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 $4.24 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 70.8%.

Agree Realty Stock Up 0.4 %

Agree Realty stock opened at $61.08 on Thursday. The firm has a market capitalization of $6.15 billion, a PE ratio of 35.92, a P/E/G ratio of 2.40 and a beta of 0.56. The company’s 50-day moving average is $59.74 and its 200-day moving average is $59.17. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week 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 0.71.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl purchased 1,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $58.99 per share, with a total value of $58,990.00. Following the acquisition, the director now owns 23,036 shares in the company, valued at approximately $1,358,893.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ADC shares. Mizuho boosted their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. UBS Group initiated coverage on shares of Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 target price for the company. Finally, KeyCorp initiated coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

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.