Agree Realty Co. (NYSE:ADC) Short Interest Update

Agree Realty Co. (NYSE:ADC) saw a significant growth in short interest in 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 trading volume of 985,400 shares, the short-interest ratio is presently 9.4 days.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ADC shares. Stifel Nicolaus raised their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. KeyCorp upped their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. 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 report on Tuesday, October 1st. Royal Bank of Canada increased their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.27.

Agree Realty Stock Performance

NYSE:ADC opened at $73.93 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The stock has a market cap of $7.65 billion, a PE ratio of 41.02, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The firm’s fifty day simple moving average is $74.69 and its 200-day simple moving average is $67.08.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 earnings per share. Analysts expect that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.11%. Agree Realty’s dividend payout ratio (DPR) is presently 165.75%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Atria Investments Inc grew its position in shares of Agree Realty by 9.7% during the third quarter. Atria Investments Inc now owns 12,928 shares of the real estate investment trust’s stock worth $974,000 after buying an additional 1,142 shares in the last quarter. Carmel Capital Partners LLC lifted its holdings in Agree Realty by 4.0% in the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock worth $507,000 after purchasing an additional 257 shares during the period. Leeward Investments LLC MA lifted its holdings in Agree Realty by 2.4% in the third quarter. Leeward Investments LLC MA now owns 501,171 shares of the real estate investment trust’s stock worth $37,747,000 after purchasing an additional 11,894 shares during the period. Concurrent Investment Advisors LLC acquired a new stake in Agree Realty in the 3rd quarter valued at about $508,000. Finally, Harvest Portfolios Group Inc. lifted its holdings in Agree Realty by 115.2% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 23,759 shares of the real estate investment trust’s stock valued at $1,790,000 after acquiring an additional 12,717 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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.