Short Interest in Agree Realty Corporation (NYSE:ADC) Expands By 141.4%

Agree Realty Corporation (NYSE:ADC) was the target of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 12,993,088 shares, an increase of 141.4% from the January 29th total of 5,382,802 shares. Based on an average daily trading volume, of 1,517,999 shares, the short-interest ratio is presently 8.6 days. Approximately 11.0% of the company’s stock are sold short. Approximately 11.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,517,999 shares, the short-interest ratio is presently 8.6 days.

Insider Activity

In other news, Director John Rakolta, Jr. acquired 15,000 shares of Agree Realty stock in a transaction that occurred on Wednesday, December 24th. The stock was purchased at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the transaction, the director owned 562,606 shares in the company, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard Agree bought 24,000 shares of the stock in a transaction on Friday, January 9th. The stock was purchased at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the purchase, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 39,500 shares of company stock worth $2,813,680 in the last 90 days. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently modified their holdings of ADC. Evergreen Capital Management LLC increased its holdings in Agree Realty by 2.7% during the 4th quarter. Evergreen Capital Management LLC now owns 5,946 shares of the real estate investment trust’s stock worth $430,000 after purchasing an additional 154 shares in the last quarter. AE Wealth Management LLC raised its position in Agree Realty by 3.5% in the 3rd quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust’s stock valued at $331,000 after buying an additional 156 shares during the last quarter. IFP Advisors Inc lifted its stake in Agree Realty by 18.2% in the 3rd quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 171 shares in the last quarter. QRG Capital Management Inc. boosted its position in Agree Realty by 5.4% during the 3rd quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust’s stock worth $241,000 after acquiring an additional 174 shares during the last quarter. Finally, HighPoint Advisor Group LLC grew its stake in shares of Agree Realty by 5.8% during the 3rd quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock worth $225,000 after acquiring an additional 174 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADC. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Barclays boosted their price objective on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Evercore cut their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company boosted their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Agree Realty Price Performance

ADC traded up $0.79 during trading on Friday, hitting $80.57. The company’s stock had a trading volume of 2,006,647 shares, compared to its average volume of 1,226,403. The firm’s 50 day moving average price is $73.99 and its two-hundred day moving average price is $73.23. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of 45.52, a price-to-earnings-growth ratio of 3.13 and a beta of 0.54. Agree Realty has a 12 month low of $68.98 and a 12 month high of $81.17.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s payout ratio is 177.40%.

About Agree Realty

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.