Agree Realty Corporation (NYSE:ADC) Sees Significant Drop in Short Interest

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

Analysts Set New Price Targets

A number of analysts have recently commented on ADC shares. Wells Fargo & Company boosted their price objective on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday. Evercore ISI decreased their price objective on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Finally, Mizuho dropped their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Price Performance

ADC traded down $0.34 on Thursday, hitting $71.97. 1,280,824 shares of the company’s stock were exchanged, compared to its average volume of 1,313,171. Agree Realty has a fifty-two week low of $68.98 and a fifty-two week high of $79.65. The stock has a market cap 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 firm has a 50-day moving average price of $72.79 and a 200-day moving average price of $72.68. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, equities analysts anticipate that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

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

Insider Buying and Selling at Agree Realty

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

Hedge Funds Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Farther Finance Advisors LLC lifted its holdings in shares of Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 306 shares during the last quarter. Westside Investment Management Inc. lifted its stake in Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 215 shares in the last quarter. Wiser Advisor Group LLC purchased a new position in shares of Agree Realty during the third quarter worth $32,000. Cornerstone Planning Group LLC grew its stake in shares of Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 454 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 356 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

About Agree Realty

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.