Agree Realty Co. (NYSE:ADC) Plans $0.25 Monthly Dividend (2024)

Agree Realty Co. (NYSE:ADC - Get Free Report) announced a monthly dividend on Wednesday, March 13th, Wall Street Journal reports. Stockholders of record on Thursday, March 28th will be paid a dividend of 0.247 per share by the real estate investment trust on Friday, April 12th. This represents a $2.96 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend is Wednesday, March 27th.

Agree Realty has raised its dividend by an average of 6.7% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Agree Realty has a dividend payout ratio of 160.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Agree Realty to earn $4.21 per share next year, which means the company should continue to be able to cover its $2.96 annual dividend with an expected future payout ratio of 70.3%.

Agree Realty Trading Down 1.7 %

Agree Realty stock traded down $0.97 during mid-day trading on Wednesday, hitting $56.25. The stock had a trading volume of 1,182,674 shares, compared to its average volume of 1,104,810. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.89. The stock has a 50-day simple moving average of $58.96 and a two-hundred day simple moving average of $58.66. The stock has a market capitalization of $5.65 billion, a PE ratio of 32.89, a P/E/G ratio of 2.25 and a beta of 0.52. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Stifel Nicolaus dropped their target price on Agree Realty from $70.00 to $69.50 and set a "buy" rating on the stock in a report on Wednesday, February 14th. StockNews.com downgraded Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday, March 8th. Wells Fargo & Company reduced their price target on Agree Realty from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 20th. Truist Financial cut their target price on Agree Realty from $70.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, February 27th. Finally, Mizuho cut their target price on Agree Realty from $65.00 to $60.00 and set a "neutral" rating for the company in a research note on Thursday, March 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $65.61.

Check Out Our Latest Stock Analysis on Agree Realty

Insider Buying and Selling at Agree Realty

In other news, Chairman Richard Agree bought 16,000 shares of the company's stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, with a total value of $888,000.00. Following the transaction, the chairman now directly owns 135,855 shares in the company, valued at $7,539,952.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Joey Agree bought 3,500 shares of the company's stock in a transaction on Wednesday, February 21st. The shares were purchased at an average price of $56.92 per share, with a total value of $199,220.00. Following the transaction, the chief executive officer now directly owns 561,403 shares in the company, valued at $31,955,058.76. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard Agree bought 16,000 shares of the company's stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now owns 135,855 shares in the company, valued at $7,539,952.50. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 67,232 shares of company stock worth $3,945,367. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Agree Realty by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust's stock worth $895,290,000 after purchasing an additional 462,828 shares during the period. State Street Corp raised its holdings in shares of Agree Realty by 4.8% in the 3rd quarter. State Street Corp now owns 4,751,897 shares of the real estate investment trust's stock worth $322,195,000 after purchasing an additional 217,810 shares during the period. Centersquare Investment Management LLC raised its holdings in shares of Agree Realty by 6.1% in the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust's stock worth $252,757,000 after purchasing an additional 218,492 shares during the period. Morgan Stanley raised its holdings in shares of Agree Realty by 75.2% in the 4th quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust's stock worth $177,806,000 after purchasing an additional 1,075,648 shares during the period. Finally, Geode Capital Management LLC grew its stake in Agree Realty by 6.7% in the 1st quarter. Geode Capital Management LLC now owns 2,007,925 shares of the real estate investment trust's stock valued at $138,577,000 after buying an additional 126,470 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Company Profile

(Get Free Report)

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.

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