Agree Realty Corporation (NYSE:ADC) Short Interest Update

Agree Realty Corporation (NYSE:ADC) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 4,967,102 shares, a decrease of 46.7% from the December 15th total of 9,319,771 shares. Approximately 4.4% of the company’s shares are short sold. Based on an average daily volume of 1,258,274 shares, the short-interest ratio is presently 3.9 days. Based on an average daily volume of 1,258,274 shares, the short-interest ratio is presently 3.9 days. Approximately 4.4% of the company’s shares are short sold.

Insiders Place Their Bets

In other Agree Realty news, Chairman Richard Agree purchased 24,000 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were acquired at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the transaction, the chairman owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. acquired 15,000 shares of the stock in a transaction dated Wednesday, December 24th. The stock was acquired at an average cost of $72.18 per share, with a total value of $1,082,700.00. Following the purchase, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 39,500 shares of company stock worth $2,813,680 over the last three months. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

A number of large investors have recently bought and sold shares of the business. Retirement Systems of Alabama grew its position in Agree Realty by 3.1% during the 4th quarter. Retirement Systems of Alabama now owns 137,707 shares of the real estate investment trust’s stock worth $9,919,000 after purchasing an additional 4,141 shares during the last quarter. Wealth Quarterback LLC boosted its stake in shares of Agree Realty by 13.4% during the fourth quarter. Wealth Quarterback LLC now owns 3,358 shares of the real estate investment trust’s stock worth $242,000 after buying an additional 398 shares during the period. CoreCap Advisors LLC boosted its stake in shares of Agree Realty by 25.1% during the fourth quarter. CoreCap Advisors LLC now owns 66,383 shares of the real estate investment trust’s stock worth $4,782,000 after buying an additional 13,339 shares during the period. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of Agree Realty by 3.6% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 388,843 shares of the real estate investment trust’s stock worth $28,008,000 after buying an additional 13,341 shares during the last quarter. Finally, Brucke Financial Inc. purchased a new position in shares of Agree Realty during the fourth quarter worth about $240,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on ADC shares. Truist Financial cut their target price on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Mizuho dropped their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Barclays upped their price objective on Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 3rd. Finally, Stifel Nicolaus set a $83.50 price objective on Agree Realty in a report on Tuesday, November 25th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Stock Performance

Shares of ADC stock traded down $0.34 during mid-day trading on Thursday, hitting $71.97. 1,280,824 shares of the stock were exchanged, compared to its average volume of 1,313,171. Agree Realty has a 12-month low of $68.98 and a 12-month high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 42.09, a P/E/G ratio of 2.25 and a beta of 0.55. The stock’s fifty day simple moving average is $72.79 and its two-hundred day simple moving average is $72.68.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, analysts forecast that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be issued a $0.262 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, January 30th. Agree Realty’s payout ratio is presently 183.63%.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.