OVERSEA CHINESE BANKING Corp Ltd Boosts Stock Position in Agree Realty Corporation (NYSE:ADC)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in Agree Realty Corporation (NYSE:ADC) by 77.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,702 shares of the real estate investment trust’s stock after buying an additional 49,282 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.10% of Agree Realty worth $8,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Cullen Frost Bankers Inc. purchased a new position in shares of Agree Realty in the first quarter worth about $27,000. Bernard Wealth Management Corp. bought a new position in Agree Realty during the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC increased its stake in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 270 shares during the period. NBC Securities Inc. purchased a new position in Agree Realty in the 1st quarter worth approximately $39,000. Finally, Larson Financial Group LLC lifted its position in Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 440 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADC shares. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Morgan Stanley downgraded Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a report on Friday, July 11th. Robert W. Baird lifted their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Barclays upped their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Finally, Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.32.

Agree Realty Price Performance

Shares of NYSE ADC opened at $73.67 on Friday. The company has a 50 day simple moving average of $73.55 and a two-hundred day simple moving average of $74.17. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 43.85, a P/E/G ratio of 2.32 and a beta of 0.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a return on equity of 3.50% and a net margin of 28.16%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.04 EPS. Analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a $0.256 dividend. The ex-dividend date is Thursday, July 31st. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty’s payout ratio is presently 173.45%.

Agree Realty Profile

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.