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

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

Agree Realty Price Performance

Shares of ADC traded up $0.57 on Friday, reaching $74.82. The stock had a trading volume of 67,497 shares, compared to its average volume of 964,305. 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 twelve month low of $54.28 and a twelve month high of $77.47. The firm has a market capitalization of $7.75 billion, a PE ratio of 41.02, a PEG ratio of 2.51 and a beta of 0.61. The firm has a 50-day moving average of $74.69 and a 200 day moving average of $67.08.

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 (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.00 earnings per share. Sell-side analysts expect that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a $0.253 dividend. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.06%. Agree Realty’s dividend payout ratio is presently 165.75%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Raymond James lifted their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial lifted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday. Stifel Nicolaus upped their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, UBS Group boosted their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $74.27.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently modified their holdings of ADC. Vanguard Group Inc. increased its stake in Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after buying an additional 258,217 shares during the period. Long Pond Capital LP increased its position in shares of Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after acquiring an additional 650,921 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Agree Realty by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after acquiring an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Agree Realty by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after purchasing an additional 43,768 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.