Agree Realty Corporation (NYSE:ADC) Sees Large Increase in Short Interest

Agree Realty Corporation (NYSE:ADC) was the recipient of a large increase in short interest in February. As of February 13th, there was short interest totaling 12,993,088 shares, an increase of 141.4% from the January 29th total of 5,382,802 shares. Based on an average trading volume of 1,517,999 shares, the short-interest ratio is currently 8.6 days. Currently, 11.0% of the company’s shares are short sold. Currently, 11.0% of the company’s shares are short sold. Based on an average trading volume of 1,517,999 shares, the short-interest ratio is currently 8.6 days.

Agree Realty Trading Up 1.0%

Shares of ADC stock opened at $80.57 on Friday. The company has a market capitalization of $9.67 billion, a P/E ratio of 45.52, a price-to-earnings-growth ratio of 3.13 and a beta of 0.54. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $73.99 and its two-hundred day moving average is $73.23. Agree Realty has a twelve month low of $68.98 and a twelve month high of $81.17.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, February 27th. This represents a c) dividend on an annualized basis and a yield of 3.9%. Agree Realty’s dividend payout ratio is presently 177.40%.

Analysts Set New Price Targets

ADC has been the topic of a number of recent research reports. Royal Bank Of Canada upped their price objective on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Wells Fargo & Company lifted their price target on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Mizuho dropped their price target on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Barclays raised their price objective 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. Finally, Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.50.

Insider Activity at Agree Realty

In other news, CFO Peter Coughenour bought 500 shares of the company’s stock in a transaction on Friday, January 9th. The stock was bought at an average cost of $69.80 per share, with a total value of $34,900.00. Following the transaction, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 39,500 shares of company stock worth $2,813,680 in the last three months. 1.80% of the stock is owned by company insiders.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Clearstead Trust LLC raised its holdings in Agree Realty by 192.1% during the fourth quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 242 shares in the last quarter. Westside Investment Management Inc. increased its position in Agree Realty by 100.0% during the 3rd 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 during the period. Wiser Advisor Group LLC acquired a new position in Agree Realty during the 3rd quarter worth approximately $32,000. Creative Financial Designs Inc. ADV raised its stake in shares of Agree Realty by 71.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 192 shares in the last quarter. Finally, Clearstead Advisors LLC lifted its holdings in shares of Agree Realty by 163.8% in the 4th quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 285 shares during the period. Hedge funds and other institutional investors 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.