Agree Realty Corporation (ADC) to Issue Monthly Dividend of $0.27 on December 14th

Agree Realty Corporation (NYSE:ADC) announced a monthly dividend on Tuesday, November 10th. Investors of record on Monday, November 30th will be paid a dividend of $0.2710 per share by the real estate investment trust on Monday, December 14th. This represents a $3.25 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, November 30th.

Agree Realty has increased its dividend 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 165.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Agree Realty to earn $4.67 per share next year, which means the company should continue to be able to cover its $3.25 annual dividend with an expected future payout ratio of 69.6%.

Agree Realty Trading Down 0.3%

Shares of Agree Realty stock opened at $69.70 on Thursday. The firm’s 50 day moving average is $68.08 and its 200 day moving average is $74.37. The firm has a market capitalization of $9.07 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 3.10 and a beta of 0.40. Agree Realty has a 1 year low of $64.34 and a 1 year high of $82.08. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.55.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 20th. The real estate investment trust reported $1.15 EPS for the quarter, beating the consensus estimate of $0.47 by $0.68. The business had revenue of $213.88 million during the quarter, compared to the consensus estimate of $211.52 million. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The firm’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 EPS. Equities research analysts forecast that Agree Realty will post 4.45 earnings per share for the current fiscal year.

Insider Activity

In other Agree Realty news, Director John Rakolta, Jr. purchased 20,000 shares of Agree Realty stock in a transaction that occurred on Wednesday, September 16th. The stock was acquired at an average price of $68.78 per share, with a total value of $1,375,600.00. Following the transaction, the director owned 654,602 shares in the company, valued at $45,023,525.56. This trade represents a 3.15% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Erlich purchased 1,000 shares of the firm’s stock in a transaction on Monday, September 21st. The shares were acquired at an average price of $67.55 per share, with a total value of $67,550.00. Following the purchase, the insider directly owned 60,388 shares in the company, valued at $4,079,209.40. This represents a 1.68% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 48,496 shares of company stock worth $3,418,670 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ADC. Clearstead Trust LLC acquired a new position in shares of Agree Realty during the second quarter valued at about $33,000. Elevation Wealth Partners LLC lifted its position in Agree Realty by 172.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 430 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 272 shares in the last quarter. CX Institutional lifted its position in Agree Realty by 852.2% in the 3rd quarter. CX Institutional now owns 438 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 392 shares in the last quarter. Wealth Enhancement Trust Services Inc. acquired a new position in Agree Realty during the 3rd quarter valued at about $32,000. Finally, Transamerica Financial Advisors LLC acquired a new position in Agree Realty during the 2nd quarter valued at about $45,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation is a real estate investment trust (REIT) focused on acquiring, developing and managing net-leased properties, primarily occupied by retail businesses. Its portfolio includes freestanding stores and other properties leased to national and regional retailers. Under net leases, tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance, while Agree Realty owns the real estate and collects rent. The company’s properties are located across the United States.