OVERSEA CHINESE BANKING Corp Ltd Acquires 49,282 Shares of Agree Realty Corporation (NYSE:ADC)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Agree Realty Corporation by 77.7%, purchasing an additional 49,282 shares, bringing its total ownership to approximately $8.7 million.
• Various hedge funds, including Cullen Frost Bankers and Larson Financial Group, made new stakes or significantly increased their positions in Agree Realty during the first quarter, indicating strong institutional interest.
• Agree Realty recently declared a monthly dividend of $0.256 per share, with an annualized yield of 4.2%, highlighting its commitment to returning value to shareholders.

OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 77.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 112,702 shares of the real estate investment trust's stock after acquiring an additional 49,282 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned about 0.10% of Agree Realty worth $8,699,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADC. Cullen Frost Bankers Inc. acquired a new position in shares of Agree Realty in the first quarter valued at approximately $27,000. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the fourth quarter valued at approximately $31,000. Capital Advisors Ltd. LLC grew its holdings in Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 270 shares during the period. NBC Securities Inc. purchased a new stake in Agree Realty in the first quarter valued at approximately $39,000. Finally, Larson Financial Group LLC grew its holdings 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 period. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Trading Up 2.7%

ADC stock traded up $1.97 during mid-day trading on Friday, reaching $73.67. 1,459,467 shares of the stock traded hands, compared to its average volume of 1,125,183. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The company has a market cap of $8.11 billion, a P/E ratio of 43.85, a P/E/G ratio of 2.39 and a beta of 0.55. The stock's fifty day moving average is $73.55 and its 200-day moving average is $74.19.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $175.53 million during the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.50%. The firm's revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. As a group, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be given a $0.256 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio is 182.74%.

Analyst Ratings Changes

Several equities research analysts have issued reports on ADC shares. Evercore ISI boosted their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Mizuho decreased their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Robert W. Baird upped their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Finally, Wall Street Zen downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average target price of $80.32.

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.