Short Interest in Agree Realty Co. (NYSE:ADC) Grows By 5.2%

Agree Realty Co. (NYSE:ADC - Get Free Report) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 9,270,000 shares, a growth of 5.2% from the September 30th total of 8,810,000 shares. Based on an average daily volume of 985,400 shares, the days-to-cover ratio is presently 9.4 days.

Agree Realty Stock Down 1.1 %

Agree Realty stock traded down $0.79 during trading on Thursday, hitting $74.25. 1,202,363 shares of the company were exchanged, compared to its average volume of 968,556. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The business's 50 day moving average is $74.66 and its 200 day moving average is $67.03. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.47. The company has a market capitalization of $7.69 billion, a P/E ratio of 41.02, a PEG ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $154.33 million during the quarter, compared to analysts' expectations of $152.83 million. During the same quarter in the prior year, the company earned $1.00 EPS. The business's revenue for the quarter was up 12.8% on a year-over-year basis. Analysts predict that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty's previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.09%. Agree Realty's dividend payout ratio is currently 167.40%.

Institutional Trading of Agree Realty

Hedge funds have recently bought and sold shares of the business. Long Pond Capital LP grew its position in shares of Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust's stock valued at $163,857,000 after acquiring an additional 2,382,252 shares during the period. Pathway Financial Advisers LLC raised its stake in shares of Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock valued at $92,487,000 after buying an additional 1,214,437 shares during the period. PGGM Investments bought a new stake in shares of Agree Realty in the second quarter valued at $70,225,000. Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust's stock valued at $112,453,000 after buying an additional 650,921 shares during the last quarter. Finally, Leeward Investments LLC MA bought a new position in shares of Agree Realty during the 2nd quarter worth $30,306,000. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ADC has been the subject of a number of analyst reports. Robert W. Baird lifted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday. UBS Group upped their target price on Agree Realty from $72.00 to $77.00 and gave the company a "neutral" rating in a research report on Wednesday, October 16th. Raymond James lifted their target price on Agree Realty from $70.00 to $81.00 and gave the stock a "strong-buy" rating in a report on Wednesday, August 21st. Stifel Nicolaus boosted their price target on Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada raised their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.27.

Agree Realty Company Profile

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.