Agree Realty Corporation (ADC) to Issue Monthly Dividend of $0.26 on March 13th

Agree Realty Corporation (NYSE:ADC) declared a monthly dividend on Thursday, February 5th. Shareholders of record on Friday, February 27th will be paid a dividend of 0.262 per share by the real estate investment trust on Friday, March 13th. This represents a c) annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 27th.

Agree Realty has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Agree Realty has a payout ratio of 159.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 $3.14 annual dividend with an expected future payout ratio of 70.2%.

Agree Realty Stock Performance

ADC opened at $74.76 on Friday. The company has a 50 day simple moving average of $72.37 and a two-hundred day simple moving average of $72.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market cap of $8.59 billion, a P/E ratio of 43.72, a PEG ratio of 2.70 and a beta of 0.54. Agree Realty has a 1-year low of $68.98 and a 1-year high of $79.65.

Insider Activity

In other Agree Realty news, Chairman Richard Agree purchased 24,000 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction on Friday, January 9th. The stock was acquired at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the purchase, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of ADC. Jane Street Group LLC grew its stake in Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares in the last quarter. KLP Kapitalforvaltning AS grew its position in shares of Agree Realty by 4.1% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 27,700 shares of the real estate investment trust’s stock worth $2,030,000 after buying an additional 1,100 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Agree Realty by 3.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 30,900 shares of the real estate investment trust’s stock worth $2,258,000 after buying an additional 900 shares in the last quarter. IFP Advisors Inc bought a new stake in shares of Agree Realty in the second quarter valued at about $69,000. Finally, Blue Trust Inc. lifted its stake in Agree Realty by 44.4% in the second quarter. Blue Trust Inc. now owns 1,770 shares of the real estate investment trust’s stock worth $129,000 after acquiring an additional 544 shares during the period. Institutional investors own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.