Agree Realty Co. (NYSE:ADC) to Issue Dividend Increase – $0.25 Per Share

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Monday, April 8th, Wall Street Journal reports. Investors 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 dividend yield of 5.19%. The ex-dividend date is Monday, April 29th. This is a positive change from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has raised its dividend payment by an average of 6.7% per year over the last three years and has increased its dividend annually for the last 2 consecutive 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. 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 $57.75 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The firm’s fifty day moving average is $56.63 and its 200 day moving average is $58.26. The company has a market capitalization of $5.81 billion, a PE ratio of 33.97, a PEG ratio of 2.68 and a beta of 0.52.

Insider Transactions at Agree Realty

In other news, Chairman Richard Agree bought 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $57.56 per share, with a total value of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard Agree purchased 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the acquisition, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders bought a total of 42,482 shares of company stock worth $2,397,572 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on ADC shares. BMO Capital Markets started coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target for the company. Stifel Nicolaus decreased their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Mizuho decreased their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th. Truist Financial decreased their price target on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. Finally, StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty Company Profile

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.