Short Interest in Agree Realty Co. (NYSE:ADC) Increases By 5.2%

Agree Realty Co. (NYSE:ADC) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 9,270,000 shares, a growth of 5.2% from the September 30th total of 8,810,000 shares. Based on an average daily volume of 985,400 shares, the days-to-cover ratio is currently 9.4 days.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Dana Investment Advisors Inc. boosted its holdings in Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after buying an additional 170 shares in the last quarter. Capital Square LLC boosted its stake in shares of Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after acquiring an additional 179 shares in the last quarter. Blue Trust Inc. grew its position in shares of Agree Realty by 8.8% during the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 213 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC stock traded down $0.48 during trading hours on Thursday, hitting $74.56. The company’s stock had a trading volume of 121,175 shares, compared to its average volume of 963,432. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company has a 50 day moving average of $74.66 and a 200 day moving average of $67.03. Agree Realty has a 12-month low of $54.28 and a 12-month high of $77.47. The stock has a market cap of $7.50 billion, a PE ratio of 44.14, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the previous year, the business posted $1.00 EPS. The business’s quarterly revenue was up 12.8% on a year-over-year basis. On average, sell-side analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a yield of 4.07%. Agree Realty’s payout ratio is presently 178.24%.

Analyst Ratings Changes

A number of analysts have recently weighed in on ADC shares. Raymond James raised their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Robert W. Baird lifted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $74.27.

About Agree Realty

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.