Agree Realty Co. (NYSE:ADC) Short Interest Down 29.3% in January

Agree Realty Co. (NYSE:ADCGet Free Report) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 2,770,000 shares, a drop of 29.3% from the January 15th total of 3,920,000 shares. Based on an average daily trading volume, of 927,500 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Upgrades and Downgrades

Several analysts have commented on ADC shares. Royal Bank of Canada lifted their price target on Agree Realty from $66.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Mizuho lifted their price objective on Agree Realty from $61.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. BNP Paribas lowered Agree Realty from an “outperform” rating to a “neutral” rating and set a $64.00 price target on the stock. in a research report on Wednesday, December 13th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, January 26th. Finally, JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research report on Monday, January 22nd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.44.

Check Out Our Latest Stock Report on ADC

Agree Realty Stock Performance

Shares of ADC opened at $58.14 on Tuesday. The business’s 50 day moving average is $61.21 and its two-hundred day moving average is $59.67. Agree Realty has a 52-week low of $52.69 and a 52-week high of $75.09. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 34.00, a PEG ratio of 2.23 and a beta of 0.54. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.44.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, March 14th. Shareholders of record on Thursday, February 29th will be given a $0.247 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date of this dividend is Wednesday, February 28th. Agree Realty’s payout ratio is 173.10%.

Insider Activity

In other news, CEO Joey Agree purchased 1,350 shares of the company’s stock in a transaction dated Monday, December 11th. The stock was acquired at an average price of $58.47 per share, for a total transaction of $78,934.50. Following the completion of the transaction, the chief executive officer now directly owns 554,603 shares in the company, valued at approximately $32,427,637.41. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Joey Agree acquired 1,350 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average price of $58.47 per share, for a total transaction of $78,934.50. Following the transaction, the chief executive officer now owns 554,603 shares in the company, valued at approximately $32,427,637.41. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. acquired 13,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 20th. The shares were bought at an average price of $62.44 per share, with a total value of $811,720.00. Following the transaction, the director now owns 381,165 shares in the company, valued at approximately $23,799,942.60. The disclosure for this purchase can be found here. Insiders bought a total of 26,550 shares of company stock worth $1,651,629 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently made changes to their positions in ADC. Ensign Peak Advisors Inc increased its holdings in shares of Agree Realty by 0.7% in the 1st quarter. Ensign Peak Advisors Inc now owns 23,042 shares of the real estate investment trust’s stock valued at $1,581,000 after acquiring an additional 150 shares during the last quarter. Baird Financial Group Inc. increased its holdings in shares of Agree Realty by 2.6% in the 4th quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust’s stock valued at $484,000 after acquiring an additional 171 shares during the last quarter. State of Wyoming increased its holdings in shares of Agree Realty by 34.8% in the 2nd quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 172 shares during the last quarter. Applied Capital LLC FL increased its holdings in shares of Agree Realty by 2.4% in the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 174 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of Agree Realty by 3.5% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock valued at $362,000 after acquiring an additional 183 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

About Agree Realty

(Get Free Report)

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 September 30, 2023, the Company owned and operated a portfolio of 2,084 properties, located in 49 states and containing approximately 43.2 million square feet of gross leasable area.

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