Agree Realty Co. (NYSE:ADC) to Issue $0.25 Feb 25 Dividend

Agree Realty Co. (NYSE:ADC - Get Free Report) announced a feb 25 dividend on Thursday, February 6th,RTT News reports. Investors of record on Friday, February 28th will be given a dividend of 0.253 per share by the real estate investment trust on Friday, March 14th. This represents a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th.

Agree Realty has raised its dividend by an average of 7.6% annually over the last three years. Agree Realty has a dividend payout ratio of 155.1% 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 $4.30 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 70.7%.

Agree Realty Stock Performance

ADC stock traded down $0.10 during trading hours on Monday, hitting $72.79. 712,365 shares of the stock were exchanged, compared to its average volume of 847,856. The company has a 50-day simple moving average of $72.03 and a two-hundred day simple moving average of $73.42. The firm has a market capitalization of $7.54 billion, a P/E ratio of 40.22, a P/E/G ratio of 2.87 and a beta of 0.65. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADC shares. Mizuho dropped their price objective on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company dropped their price target on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. Robert W. Baird increased their price target on Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Stifel Nicolaus dropped their price objective on Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Finally, Barclays reduced their target price on Agree Realty from $76.00 to $74.00 and set an "underweight" rating on the stock in a report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $78.93.

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.