Agree Realty Co. (NYSE:ADC) Short Interest Update

Agree Realty Co. (NYSE:ADC) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 3,960,000 shares, an increase of 16.5% from the February 29th total of 3,400,000 shares. Based on an average trading volume of 1,060,000 shares, the short-interest ratio is currently 3.7 days.

Insider Activity at Agree Realty

In other Agree Realty news, Chairman Richard Agree purchased 10,500 shares of the stock in a transaction that occurred on Wednesday, January 10th. The stock was bought at an average cost of $62.57 per share, with a total value of $656,985.00. Following the transaction, the chairman now directly owns 119,855 shares in the company, valued at approximately $7,499,327.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Joey Agree bought 3,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was acquired at an average cost of $56.92 per share, with a total value of $199,220.00. Following the completion of the acquisition, the chief executive officer now owns 561,403 shares of the company’s stock, valued at $31,955,058.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard Agree bought 10,500 shares of the firm’s stock in a transaction on Wednesday, January 10th. The stock was purchased at an average cost of $62.57 per share, with a total value of $656,985.00. Following the completion of the acquisition, the chairman now directly owns 119,855 shares of the company’s stock, valued at approximately $7,499,327.35. The disclosure for this purchase can be found here. Insiders acquired a total of 52,982 shares of company stock valued at $3,054,557 in the last three months. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after buying an additional 462,828 shares during the period. Principal Financial Group Inc. increased its holdings in Agree Realty by 12.1% during the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after purchasing an additional 719,430 shares during the period. State Street Corp increased its holdings in Agree Realty by 4.8% during the 3rd quarter. State Street Corp now owns 4,751,897 shares of the real estate investment trust’s stock worth $322,195,000 after purchasing an additional 217,810 shares during the period. Finally, Centersquare Investment Management LLC increased its holdings in Agree Realty by 6.1% during the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust’s stock worth $252,757,000 after purchasing an additional 218,492 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. BMO Capital Markets assumed coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. Stifel Nicolaus decreased their price objective on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a report on Wednesday, February 14th. Wells Fargo & Company decreased their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Truist Financial decreased their price objective on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Finally, BNP Paribas cut shares of Agree Realty from an “outperform” rating to a “neutral” rating and set a $64.00 price objective for the company. in a report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $65.61.

Agree Realty Price Performance

Shares of NYSE:ADC traded down $0.31 during midday trading on Tuesday, reaching $56.76. 255,041 shares of the company were exchanged, compared to its average volume of 1,066,774. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The business’s fifty day moving average is $57.38 and its two-hundred day moving average is $58.23. Agree Realty has a one year low of $52.69 and a one year high of $69.26. The stock has a market cap of $5.71 billion, a PE ratio of 33.33, a price-to-earnings-growth ratio of 2.64 and a beta of 0.52.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be paid a dividend of $0.247 per share. This represents a $2.96 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date of this dividend is Wednesday, March 27th. Agree Realty’s payout ratio is 173.10%.

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.