Agree Realty Corporation (NYSE:ADC) Short Interest Down 46.7% in December

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

Insider Buying and Selling at Agree Realty

In other news, Chairman Richard Agree acquired 24,000 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 39,500 shares of company stock valued at $2,813,680 in the last three months. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its position in shares of Agree Realty by 268.9% in the 1st 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 lifted its holdings in Agree Realty by 7.3% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,326 shares of the real estate investment trust’s stock worth $1,704,000 after purchasing an additional 1,581 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Agree Realty by 16.4% in the second 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 in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Agree Realty by 22.3% during the 2nd 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 period. Finally, Carderock Capital Management Inc. bought a new stake in Agree Realty in the second quarter worth about $95,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADC shares. Barclays lifted their target price on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Stifel Nicolaus set a $83.50 target price on shares of Agree Realty in a research report on Tuesday, November 25th. Mizuho dropped their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. KeyCorp upped their price objective on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Sunday, January 11th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Stock Performance

Shares of Agree Realty stock traded up $1.22 on Friday, reaching $73.23. 1,516,970 shares of the stock were exchanged, compared to its average volume of 1,290,211. The firm has a market capitalization of $8.42 billion, a PE ratio of 42.82, a PEG ratio of 2.27 and a beta of 0.55. The business has a fifty day moving average price of $72.78 and a two-hundred day moving average price of $72.68. Agree Realty has a 1-year low of $68.98 and a 1-year high of $79.65. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last issued its earnings results 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 company had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, research analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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

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.