Agree Realty Co. (NYSE:ADC) Short Interest Up 5.2% in October

Agree Realty Co. (NYSE:ADC) was the recipient 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 trading volume of 985,400 shares, the days-to-cover ratio is presently 9.4 days.

Analyst Ratings Changes

ADC has been the subject of a number of research reports. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, KeyCorp raised their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.27.

Agree Realty Trading Down 0.6 %

Shares of NYSE ADC traded down $0.48 during trading on Thursday, hitting $74.56. 121,175 shares of the company were exchanged, compared to its average volume of 963,432. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty has a 12-month low of $54.28 and a 12-month high of $77.47. The company has a fifty day moving average price of $74.66 and a 200-day moving average price of $67.03. The firm has a market capitalization of $7.50 billion, a PE ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business 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 firm earned $1.00 EPS. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, equities research analysts expect that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. 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 4.07%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is currently 178.24%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds have recently bought and sold shares of the company. Long Pond Capital LP boosted its position in Agree Realty by 489.8% in 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 buying an additional 2,382,252 shares during the period. Pathway Financial Advisers LLC grew its position in shares of Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares in the last quarter. PGGM Investments acquired a new position in shares of Agree Realty during the second quarter worth about $70,225,000. Daiwa Securities Group Inc. increased its stake in shares of Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the period. Finally, Leeward Investments LLC MA acquired a new stake in Agree Realty in the second quarter valued at approximately $30,306,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.