Short Interest in Agree Realty Co. (NYSE:ADC) Expands By 10.4%

Agree Realty Co. (NYSE:ADC) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 7,850,000 shares, a growth of 10.4% from the June 30th total of 7,110,000 shares. Based on an average trading volume of 783,400 shares, the days-to-cover ratio is presently 10.0 days.

Agree Realty Price Performance

ADC stock traded down $0.02 during mid-day trading on Tuesday, reaching $69.05. 29,241 shares of the company’s stock were exchanged, compared to its average volume of 927,755. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 40.62, a price-to-earnings-growth ratio of 2.72 and a beta of 0.58. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.27. The stock’s 50 day moving average is $62.46 and its 200 day moving average is $59.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

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

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.34%. Agree Realty’s payout ratio is currently 176.47%.

Insider Activity

In other Agree Realty news, Director Greg Lehmkuhl purchased 1,000 shares of Agree Realty stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the transaction, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADC. HBC Financial Services PLLC purchased a new stake in shares of Agree Realty during the fourth quarter worth $31,000. Lindbrook Capital LLC raised its holdings in Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 430 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 512 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Agree Realty in the fourth quarter valued at approximately $44,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Stifel Nicolaus boosted their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. KeyCorp started coverage on Agree Realty in a report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target on the stock. Royal Bank of Canada boosted their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Mizuho increased their target price on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. Finally, UBS Group lifted their target price on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $66.95.

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.