Agree Realty Co. (NYSE:ADC) Plans Monthly Dividend of $0.25

Agree Realty Co. (NYSE:ADC) declared a monthly dividend on Monday, April 8th, Wall Street Journal reports. Stockholders of record on Tuesday, April 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, May 14th. This represents a $3.00 annualized dividend and a dividend yield of 5.19%. The ex-dividend date is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25.

Agree Realty has raised its dividend by an average of 6.7% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Agree Realty has a 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 Performance

Shares of ADC stock opened at $57.77 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71. Agree Realty has a one year low of $52.69 and a one year high of $69.26. The company’s 50-day simple moving average is $56.63 and its 200-day simple moving average is $58.29. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 2.66 and a beta of 0.52.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Rakolta, Jr. purchased 20,430 shares of the company’s stock in a transaction on Friday, February 16th. The stock was purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADC has been the topic of several research analyst reports. Mizuho reduced their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. BMO Capital Markets initiated coverage on shares of Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target on the stock. Royal Bank of Canada reduced their price target on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. Finally, StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.61.

About Agree Realty

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.