Agree Realty Corporation (NYSE:ADC) Plans Monthly Dividend of $0.26

Agree Realty Corporation (NYSE:ADC) announced a monthly dividend on Tuesday, March 10th. Investors of record on Tuesday, March 31st will be paid a dividend of 0.262 per share by the real estate investment trust on Wednesday, April 15th. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, March 31st.

Agree Realty has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 1 years. Agree Realty has a dividend 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

Agree Realty stock traded down $0.56 during midday trading on Wednesday, reaching $79.93. 454,980 shares of the stock traded hands, compared to its average volume of 1,366,081. Agree Realty has a fifty-two week low of $68.98 and a fifty-two week high of $82.08. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 3.15 and a beta of 0.52. The firm has a fifty day moving average price of $75.23 and a two-hundred day moving average price of $73.65.

Insider Activity

In other news, Director John Rakolta, Jr. acquired 15,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were bought at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the purchase, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction dated Friday, January 9th. The stock was purchased at an average price of $69.80 per share, with a total value of $34,900.00. Following the acquisition, 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. The disclosure for this purchase is available in the SEC filing. Insiders purchased 39,500 shares of company stock worth $2,813,680 over the last three months. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC lifted its holdings in Agree Realty by 25.0% in the 4th quarter. Corient Private Wealth LLC now owns 7,298 shares of the real estate investment trust’s stock valued at $526,000 after acquiring an additional 1,458 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Agree Realty by 25.5% in the 4th quarter. Hsbc Holdings PLC now owns 295,693 shares of the real estate investment trust’s stock worth $21,299,000 after purchasing an additional 60,159 shares during the last quarter. Pure Financial Advisors LLC bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $244,000. Compound Planning Inc. raised its holdings in shares of Agree Realty by 18.2% in the 4th quarter. Compound Planning Inc. now owns 4,177 shares of the real estate investment trust’s stock worth $301,000 after purchasing an additional 643 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Agree Realty by 11.0% during the fourth quarter. Invesco Ltd. now owns 468,934 shares of the real estate investment trust’s stock valued at $33,777,000 after purchasing an additional 46,492 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.