Agree Realty Corporation (NYSE:ADC) announced a quarterly dividend on Wednesday, December 6th, Wall Street Journal reports. Stockholders of record on Wednesday, December 20th will be paid a dividend of 0.52 per share by the real estate investment trust on Wednesday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Tuesday, December 19th. This is a boost from Agree Realty’s previous quarterly dividend of $0.51.
Agree Realty has decreased its dividend payment by an average of 4.4% annually over the last three years and has increased its dividend every year for the last 4 years. Agree Realty has a payout ratio of 74.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Agree Realty to earn $2.92 per share next year, which means the company should continue to be able to cover its $2.02 annual dividend with an expected future payout ratio of 69.2%.
Shares of Agree Realty (NYSE ADC) traded up $0.08 during midday trading on Thursday, hitting $48.87. The stock had a trading volume of 140,500 shares, compared to its average volume of 205,288. Agree Realty has a 52 week low of $43.12 and a 52 week high of $51.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market capitalization of $1,425.44, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 3.60 and a beta of 0.56.
Agree Realty (NYSE:ADC) last issued its earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million during the quarter, compared to analysts’ expectations of $29.48 million. During the same period in the previous year, the company earned $0.66 EPS. Agree Realty’s quarterly revenue was up 25.8% on a year-over-year basis. sell-side analysts expect that Agree Realty will post 2.71 earnings per share for the current fiscal year.
ADC has been the subject of several analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 target price on shares of Agree Realty in a research report on Tuesday, August 22nd. FBR & Co reaffirmed a “buy” rating and issued a $58.00 target price (up previously from $56.00) on shares of Agree Realty in a research report on Monday, September 18th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Agree Realty in a research note on Tuesday, October 24th. Zacks Investment Research upgraded Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Wednesday, October 25th. Finally, B. Riley reiterated a “buy” rating on shares of Agree Realty in a research note on Wednesday, November 1st. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $52.78.
In other Agree Realty news, Director John Rakolta, Jr. purchased 3,300 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were acquired at an average price of $49.67 per share, for a total transaction of $163,911.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.40% of the company’s stock.
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Agree Realty Company Profile
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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