Agree Realty Co. (NYSE:ADC) Short Interest Up 6.0% in August

Agree Realty Co. (NYSE:ADCGet Rating) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 10,300,000 shares, a growth of 6.0% from the August 15th total of 9,720,000 shares. Approximately 16.1% of the shares of the stock are sold short. Based on an average daily volume of 680,300 shares, the days-to-cover ratio is presently 15.1 days.

Agree Realty Stock Performance

Shares of ADC opened at $70.80 on Thursday. The stock has a 50 day moving average price of $76.36 and a 200 day moving average price of $71.37. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 37.46, a price-to-earnings-growth ratio of 2.68 and a beta of 0.41. Agree Realty has a 52-week low of $61.62 and a 52-week high of $80.44.

Agree Realty (NYSE:ADCGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.45 earnings per share for the quarter, meeting the consensus estimate of $0.45. Agree Realty had a return on equity of 4.38% and a net margin of 37.13%. During the same period in the prior year, the company earned $0.89 earnings per share. Research analysts predict that Agree Realty will post 3.88 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.234 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.97%. The ex-dividend date is Thursday, September 29th. Agree Realty’s payout ratio is currently 148.68%.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a report on Tuesday, July 12th. StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a report on Saturday, August 20th. Citigroup upped their price target on Agree Realty to $80.00 in a report on Monday, August 15th. Royal Bank of Canada increased their target price on Agree Realty from $76.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday, August 4th. Finally, Bank of America raised Agree Realty from a “neutral” rating to a “buy” rating and increased their target price for the company from $76.00 to $78.00 in a report on Thursday, June 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.86.

Institutional Investors Weigh In On Agree Realty

Hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its holdings in shares of Agree Realty by 88.1% during the second quarter. Meeder Asset Management Inc. now owns 476 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 223 shares during the period. North Star Investment Management Corp. acquired a new stake in shares of Agree Realty during the first quarter worth $33,000. CWM LLC lifted its holdings in shares of Agree Realty by 261.5% during the first quarter. CWM LLC now owns 564 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 408 shares during the period. Prospera Financial Services Inc acquired a new stake in shares of Agree Realty during the first quarter worth $38,000. Finally, New Century Advisors LLC lifted its holdings in shares of Agree Realty by 56.1% during the second quarter. New Century Advisors LLC now owns 576 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 207 shares during the period.

About Agree Realty

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Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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