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

Agree Realty Corporation (NYSE:ADC) announced a monthly dividend on Thursday, February 5th. Shareholders of record on Friday, February 27th will be given a dividend of 0.262 per share by the real estate investment trust on Friday, March 13th. This represents a c) annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, February 27th.

Agree Realty has raised its dividend by an average of 0.1%per year 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% indicating that 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 $4.47 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 Price Performance

Shares of ADC stock opened at $76.33 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty has a 12-month low of $68.98 and a 12-month high of $79.65. The firm has a fifty day moving average of $72.38 and a 200-day moving average of $72.74. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of 44.63, a price-to-earnings-growth ratio of 2.62 and a beta of 0.54.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADC shares. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Wells Fargo & Company lifted their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Stifel Nicolaus set a $83.50 price objective on shares of Agree Realty in a research note on Tuesday, November 25th. KeyCorp boosted their price target on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, Mizuho lowered their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Company Profile

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.