Agree Realty Co. (NYSE:ADC) Sees Large Decline in Short Interest

Agree Realty Co. (NYSE:ADC) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 11,270,000 shares, a drop of 25.8% from the March 15th total of 15,190,000 shares. Approximately 10.7% of the company’s shares are short sold. Based on an average daily volume of 1,180,000 shares, the days-to-cover ratio is currently 9.6 days.

Hedge Funds Weigh In On Agree Realty

Large investors have recently modified their holdings of the stock. CIBC Asset Management Inc increased its position in Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 153 shares during the period. Carmel Capital Partners LLC increased its position in Agree Realty by 2.5% during the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after purchasing an additional 167 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in Agree Realty by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock valued at $323,000 after purchasing an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC raised its holdings in Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 170 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ADC shares. Royal Bank of Canada reduced their target price on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Finally, Mizuho boosted their target price on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.38.

Agree Realty Trading Up 1.3 %

Shares of NYSE:ADC opened at $78.99 on Friday. The stock has a market capitalization of $8.48 billion, a PE ratio of 44.38, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The company’s 50-day moving average price is $74.65 and its two-hundred day moving average price is $73.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty has a one year low of $55.84 and a one year high of $79.61.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, equities analysts forecast that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.256 per share. The ex-dividend date is Wednesday, April 30th. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty’s payout ratio is presently 172.47%.

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.