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

Agree Realty Corporation (NYSE:ADC) announced a monthly dividend on Tuesday, March 10th. Shareholders of record on Tuesday, March 31st will be paid a dividend of 0.262 per share by the real estate investment trust on Wednesday, April 15th. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, March 31st.

Agree Realty has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 1 years. Agree Realty has a 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 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 traded down $0.75 during midday trading on Wednesday, reaching $79.74. The stock had a trading volume of 531,587 shares, compared to its average volume of 1,367,110. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of 45.05, a price-to-earnings-growth ratio of 3.15 and a beta of 0.52. The company’s 50-day moving average is $75.23 and its 200 day moving average is $73.65. Agree Realty has a 12-month low of $68.98 and a 12-month high of $82.08.

Insiders Place Their Bets

In other news, CFO Peter Coughenour bought 500 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John Rakolta, Jr. bought 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The stock was purchased at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, the director owned 562,606 shares of the company’s stock, valued at $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 39,500 shares of company stock valued at $2,813,680 in the last ninety days. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently added to or reduced their stakes in the company. Centersquare Investment Management LLC grew its stake in shares of Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after purchasing an additional 51,269 shares during the last quarter. Strs Ohio lifted its holdings in Agree Realty by 79.2% in the 3rd quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock worth $13,817,000 after buying an additional 85,935 shares during the period. AGP Franklin LLC bought a new stake in shares of Agree Realty in the 3rd quarter worth approximately $1,398,000. Cetera Investment Advisers grew its position in shares of Agree Realty by 4.4% in the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock worth $2,340,000 after buying an additional 1,351 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV purchased a new position in shares of Agree Realty during the third quarter valued at approximately $971,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

About Agree Realty

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.