Agree Realty Co. (NYSE:ADC – Get Rating) was the recipient of a significant drop in short interest during the month of January. As of January 15th, there was short interest totalling 7,150,000 shares, a drop of 5.7% from the December 31st total of 7,580,000 shares. Based on an average trading volume of 788,800 shares, the short-interest ratio is currently 9.1 days.
Insider Activity
In other Agree Realty news, COO Craig Erlich purchased 4,898 shares of the company's stock in a transaction dated Thursday, December 29th. The stock was purchased at an average price of $16.25 per share, with a total value of $79,592.50. Following the completion of the purchase, the chief operating officer now owns 4,898 shares of the company's stock, valued at $79,592.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Craig Erlich bought 4,898 shares of the stock in a transaction that occurred on Thursday, December 29th. The stock was acquired at an average price of $16.25 per share, with a total value of $79,592.50. Following the completion of the purchase, the chief operating officer now directly owns 4,898 shares of the company's stock, valued at $79,592.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 11,000 shares of the stock in a transaction that occurred on Wednesday, December 21st. The shares were purchased at an average cost of $71.38 per share, with a total value of $785,180.00. Following the purchase, the director now directly owns 268,816 shares of the company's stock, valued at $19,188,086.08. The disclosure for this purchase can be found here. Insiders own 2.00% of the company's stock.
Get Agree Realty alerts:Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Versant Capital Management Inc lifted its position in shares of Agree Realty by 99.5% during the third quarter. Versant Capital Management Inc now owns 425 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 212 shares in the last quarter. USA Financial Portformulas Corp bought a new stake in Agree Realty in the third quarter worth about $31,000. Meeder Asset Management Inc. raised its position in Agree Realty by 88.1% in the second quarter. Meeder Asset Management Inc. now owns 476 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 223 shares during the period. Neo Ivy Capital Management bought a new stake in Agree Realty in the third quarter worth about $35,000. Finally, Twin Tree Management LP bought a new stake in Agree Realty in the third quarter worth about $46,000.
Agree Realty Stock Up 0.2 %
Shares of NYSE ADC traded up $0.12 during mid-day trading on Monday, reaching $74.15. 519,662 shares of the company's stock traded hands, compared to its average volume of 622,651. The stock has a market cap of $6.57 billion, a P/E ratio of 40.52, a PEG ratio of 3.09 and a beta of 0.43. The business has a 50-day simple moving average of $71.77 and a 200 day simple moving average of $72.04. Agree Realty has a 1-year low of $61.62 and a 1-year high of $80.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.98 and a quick ratio of 2.98.Agree Realty Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, February 14th. Stockholders of record on Tuesday, January 31st will be issued a dividend of $0.24 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Monday, January 30th. Agree Realty's dividend payout ratio is currently 157.38%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on ADC shares. Morgan Stanley lowered their target price on shares of Agree Realty from $77.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, November 2nd. JMP Securities reduced their price target on shares of Agree Realty from $82.00 to $75.00 and set a "market outperform" rating for the company in a report on Tuesday, October 18th. Truist Financial reduced their price target on shares of Agree Realty from $84.00 to $80.00 and set a "buy" rating for the company in a report on Friday, December 2nd. StockNews.com initiated coverage on shares of Agree Realty in a report on Wednesday, October 12th. They issued a "sell" rating for the company. Finally, Mizuho raised their price target on shares of Agree Realty from $68.00 to $73.00 in a report on Thursday, December 8th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and a consensus price target of $78.50.
About Agree Realty
(Get Rating)
Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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