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

Agree Realty Co. (NYSE:ADC) was the target of a large 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 daily volume of 980,300 shares, the short-interest ratio is currently 11.6 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new position in Agree Realty during the second quarter valued at $1,235,000. Dana Investment Advisors Inc. raised its stake 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 valued at $1,813,000 after buying an additional 170 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in Agree Realty by 3.2% during the second quarter. Pathway Financial Advisers LLC now owns 13,319 shares of the real estate investment trust’s stock valued at $824,000 after buying an additional 409 shares during the last quarter. Systematic Financial Management LP raised its stake in Agree Realty by 0.6% during the second quarter. Systematic Financial Management LP now owns 286,868 shares of the real estate investment trust’s stock valued at $17,769,000 after buying an additional 1,609 shares during the last quarter. Finally, Creative Planning raised its stake in Agree Realty by 86.8% during the second quarter. Creative Planning now owns 56,819 shares of the real estate investment trust’s stock valued at $3,519,000 after buying an additional 26,398 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ADC. KeyCorp began coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price on the stock. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. BTIG Research upped their target price on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James upped 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 analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $71.21.

Agree Realty Stock Down 0.1 %

Shares of ADC traded down $0.07 on Tuesday, reaching $75.26. The stock had a trading volume of 876,308 shares, compared to its average volume of 957,937. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 44.56, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50-day simple moving average of $72.87 and a 200-day simple moving average of $64.28. Agree Realty has a 12-month low of $52.69 and a 12-month high of $77.30.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 EPS. Sell-side analysts predict that Agree Realty will post 4.11 EPS for the current 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. This represents a $3.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Monday, September 30th. Agree Realty’s payout ratio is 176.47%.

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.