Short Interest in Agree Realty Co. (NYSE:ADC) Expands By 8.7%

Agree Realty Co. (NYSE:ADC) was the target of a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 7,110,000 shares, a growth of 8.7% from the June 15th total of 6,540,000 shares. Based on an average daily trading volume, of 788,000 shares, the short-interest ratio is presently 9.0 days.

Agree Realty Stock Performance

Shares of ADC opened at $67.33 on Thursday. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 39.61, a PEG ratio of 2.59 and a beta of 0.58. The business’s 50 day moving average is $61.30 and its two-hundred day moving average is $59.28. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a 52-week low of $52.69 and a 52-week high of $69.26.

Agree Realty Announces Dividend

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 given a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.46%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Mizuho raised their price objective on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. UBS Group started coverage on Agree Realty in a research note on Friday, May 31st. They set a “neutral” rating and a $60.00 price target for the company. Finally, KeyCorp started coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Insider Transactions at Agree Realty

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the transaction, the director now directly owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. raised its holdings in Agree Realty by 26.5% during the third quarter. American Century Companies Inc. now owns 723,274 shares of the real estate investment trust’s stock worth $39,954,000 after purchasing an additional 151,711 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Agree Realty by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after acquiring an additional 452,798 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Agree Realty by 7.0% during the third quarter. Public Employees Retirement System of Ohio now owns 175,846 shares of the real estate investment trust’s stock worth $9,714,000 after purchasing an additional 11,508 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Agree Realty by 210.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock valued at $3,646,000 after purchasing an additional 39,243 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Agree Realty by 148.2% during the fourth quarter. Pacer Advisors Inc. now owns 20,096 shares of the real estate investment trust’s stock valued at $1,265,000 after purchasing an additional 12,000 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.