Agree Realty (ADC) Declares $0.24 Dividend

Agree Realty said on March 13, 2023 that its board of directors declared a regular monthly dividend of $0.24 per share ($2.88 annualized). Previously, the company paid $0.24 per share.

Shares must be purchased before the ex-div date of March 30, 2023 to qualify for the dividend. Shareholders of record as of March 31, 2023 will receive the payment on April 14, 2023.

At the current share price of $68.56 / share, the stock's dividend yield is 4.20%. Looking back five years and taking a sample every week, the average dividend yield has been 3.74%, the lowest has been 2.93%, and the highest has been 4.42%. The standard deviation of yields is 0.35 (n=237).

The current dividend yield is 1.34 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 1.70. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.23%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 16.20% Upside

As of March 13, 2023, the average one-year price target for Agree Realty is $79.67. The forecasts range from a low of $73.73 to a high of $89.25. The average price target represents an increase of 16.20% from its latest reported closing price of $68.56.

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The projected annual revenue for Agree Realty is $508MM, an increase of 18.25%. The projected annual non-GAAP EPS is $1.70.

What is the Fund Sentiment?

There are 811 funds or institutions reporting positions in Agree Realty. This is an increase of 9 owner(s) or 1.12% in the last quarter. Average portfolio weight of all funds dedicated to ADC is 0.41%, an increase of 0.15%. Total shares owned by institutions increased in the last three months by 5.28% to 115,598K shares. The put/call ratio of ADC is 0.67, indicating a bullish outlook.

What are Large Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 6,563K shares representing 7.29% ownership of the company. In it's prior filing, the firm reported owning 5,823K shares, representing an increase of 11.28%. The firm increased its portfolio allocation in ADC by 7.62% over the last quarter.

Principal Financial Group holds 5,715K shares representing 6.35% ownership of the company. In it's prior filing, the firm reported owning 6,327K shares, representing a decrease of 10.72%. The firm decreased its portfolio allocation in ADC by 51.37% over the last quarter.

VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 3,409K shares representing 3.79% ownership of the company. In it's prior filing, the firm reported owning 3,270K shares, representing an increase of 4.08%. The firm increased its portfolio allocation in ADC by 8.37% over the last quarter.

Deutsche Bank Ag\ holds 3,335K shares representing 3.71% ownership of the company. No change in the last quarter.

Centersquare Investment Management holds 3,286K shares representing 3.65% ownership of the company. In it's prior filing, the firm reported owning 3,248K shares, representing an increase of 1.16%. The firm increased its portfolio allocation in ADC by 4.83% over the last quarter.

Agree Realty Background Information
(This description is provided by the company.)

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of December 31, 2020, the Company owned and operated a portfolio of 1,129 properties, located in 46 states and containing approximately 22.7 million square feet of gross leasable area.

This story originally appeared on Fintel.