Agree Realty Co. (NYSE:ADC) Short Interest Up 70.3% in June

Agree Realty Co. (NYSE:ADC) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 6,540,000 shares, an increase of 70.3% from the May 31st total of 3,840,000 shares. Based on an average daily trading volume, of 806,000 shares, the short-interest ratio is currently 8.1 days.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the acquisition, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Several institutional investors and hedge funds have recently made changes to their positions in ADC. HighTower Advisors LLC lifted its holdings in Agree Realty by 9.7% during the 3rd quarter. HighTower Advisors LLC now owns 9,837 shares of the real estate investment trust’s stock worth $542,000 after buying an additional 873 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Agree Realty by 59.2% in the third quarter. Envestnet Asset Management Inc. now owns 231,730 shares of the real estate investment trust’s stock valued at $12,801,000 after buying an additional 86,181 shares during the last quarter. Hsbc Holdings PLC grew its holdings in Agree Realty by 12.8% in the third quarter. Hsbc Holdings PLC now owns 74,607 shares of the real estate investment trust’s stock valued at $4,120,000 after purchasing an additional 8,495 shares during the period. Mariner LLC grew its stake in Agree Realty by 3.0% during the third quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust’s stock worth $648,000 after buying an additional 340 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Agree Realty by 3.3% during the third quarter. Northern Trust Corp now owns 949,030 shares of the real estate investment trust’s stock worth $52,424,000 after purchasing an additional 30,108 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of NYSE:ADC traded up $0.54 during midday trading on Friday, hitting $61.94. The company had a trading volume of 1,108,266 shares, compared to its average volume of 691,413. The company has a market cap of $6.23 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 2.44 and a beta of 0.56. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. The company has a fifty day moving average of $59.96 and a two-hundred day moving average of $59.20. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.84%. Agree Realty’s dividend payout ratio is presently 176.47%.

Analyst Ratings Changes

A number of analysts recently issued reports on ADC shares. KeyCorp started coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. Mizuho lifted their price target on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. UBS Group initiated coverage on Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 price target for the company. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

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.