Short Interest in Agree Realty Corporation (NYSE:ADC) Drops By 46.7%

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

Wall Street Analyst Weigh In

ADC has been the topic of a number of analyst reports. Barclays upped their target price on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research note on Sunday, January 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Stifel Nicolaus set a $83.50 price target on Agree Realty in a research report on Tuesday, November 25th. Finally, Evercore ISI dropped their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.23.

Agree Realty Stock Performance

Agree Realty stock traded up $1.22 during mid-day trading on Friday, reaching $73.23. 1,516,970 shares of the company’s stock were exchanged, compared to its average volume of 1,290,211. The business’s fifty day simple moving average is $72.78 and its 200 day simple moving average is $72.68. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty has a one year low of $68.98 and a one year high of $79.65. The firm has a market capitalization of $8.42 billion, a PE ratio of 42.82, a P/E/G ratio of 2.27 and a beta of 0.55.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million during 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 business’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, sell-side analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, January 30th. Agree Realty’s payout ratio is presently 183.63%.

Insider Transactions at Agree Realty

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

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently modified their holdings of the stock. Jane Street Group LLC increased its position in Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after buying an additional 19,948 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Agree Realty by 7.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,326 shares of the real estate investment trust’s stock valued at $1,704,000 after acquiring an additional 1,581 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Agree Realty by 16.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 13,517 shares of the real estate investment trust’s stock valued at $973,000 after acquiring an additional 1,908 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Agree Realty by 22.3% during the second quarter. Exchange Traded Concepts LLC now owns 63,929 shares of the real estate investment trust’s stock valued at $4,671,000 after purchasing an additional 11,666 shares during the last quarter. Finally, Carderock Capital Management Inc. purchased a new position in shares of Agree Realty in the second quarter worth about $95,000. Institutional investors own 97.83% of the company’s stock.

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.