Agree Realty Corporation (NYSE:ADC) declared a quarterly dividend on Wednesday, December 6th, Wall Street Journal reports. Shareholders of record on Wednesday, December 20th will be given a dividend of 0.52 per share by the real estate investment trust on Wednesday, January 3rd. This represents a $2.08 dividend on an annualized basis 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% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Agree Realty has a payout ratio of 74.5% meaning its dividend is sufficiently covered by earnings. Research 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%.

Agree Realty (NYSE ADC) traded down $0.43 during trading on Wednesday, hitting $48.79. 97,300 shares of the company’s stock were exchanged, compared to its average volume of 205,565. Agree Realty has a 12-month low of $43.12 and a 12-month high of $51.50. The company has a market capitalization of $1,438.00, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 3.63 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The business had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. During the same period last year, the business posted $0.66 earnings per share. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. sell-side analysts forecast that Agree Realty will post 2.71 earnings per share for the current fiscal year.

In other news, Director John Rakolta, Jr. purchased 3,300 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were bought at an average cost of $49.67 per share, with a total value of $163,911.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is owned by company insiders.

ADC has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, October 25th. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Stifel Nicolaus reissued a “buy” rating and set a $54.00 price target on shares of Agree Realty in a research report on Tuesday, August 22nd. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, FBR & Co reissued a “buy” rating and set a $58.00 price target (up from $56.00) on shares of Agree Realty in a research report on Monday, September 18th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Agree Realty presently has an average rating of “Buy” and an average target price of $52.78.

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About Agree Realty

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).

Dividend History for Agree Realty (NYSE:ADC)

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