Short Interest in Agree Realty Co. (NYSE:ADC) Increases By 10.1%

Agree Realty Co. (NYSE:ADC) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 11,360,000 shares, a growth of 10.1% from the August 31st total of 10,320,000 shares. Based on an average trading volume of 980,300 shares, the days-to-cover ratio is presently 11.6 days.

Analysts Set New Price Targets

ADC has been the subject of several recent research reports. Truist Financial upped their price objective on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. UBS Group upped their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research report on Tuesday. Finally, Raymond James upped their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.21.

Agree Realty Stock Performance

Shares of ADC traded up $0.06 during mid-day trading on Tuesday, reaching $75.39. The company’s stock had a trading volume of 450,753 shares, compared to its average volume of 955,685. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.30. The stock has a market cap of $7.59 billion, a P/E ratio of 44.56, a PEG ratio of 2.51 and a beta of 0.61. The business has a 50-day simple moving average of $72.87 and a two-hundred day simple moving average of $64.28. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same period in the previous year, the business earned $0.98 earnings per share. The business’s quarterly revenue was up 17.5% on a year-over-year basis. As a group, equities research analysts anticipate that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 3.98%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently modified their holdings of ADC. PNC Financial Services Group Inc. boosted its holdings in shares of Agree Realty by 15.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock valued at $624,000 after acquiring an additional 1,338 shares in the last quarter. Corient Private Wealth LLC raised its position in shares of Agree Realty by 11.5% in the 4th quarter. Corient Private Wealth LLC now owns 7,645 shares of the real estate investment trust’s stock worth $481,000 after acquiring an additional 787 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 298 shares in the last quarter. Treasurer of the State of North Carolina raised its position in shares of Agree Realty by 8.9% in the 4th quarter. Treasurer of the State of North Carolina now owns 43,960 shares of the real estate investment trust’s stock worth $2,767,000 after acquiring an additional 3,600 shares in the last quarter. Finally, Eagle Asset Management Inc. raised its position in shares of Agree Realty by 1.5% in the 4th quarter. Eagle Asset Management Inc. now owns 112,982 shares of the real estate investment trust’s stock worth $7,112,000 after acquiring an additional 1,672 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.