OVERSEA CHINESE BANKING Corp Ltd Grows Holdings in Agree Realty Corporation (NYSE:ADC)

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

A number of other hedge funds have also recently modified their holdings of the business. Edgestream Partners L.P. bought a new stake in shares of Agree Realty during the 1st quarter valued at $6,693,000. Securian Asset Management Inc. boosted its holdings in shares of Agree Realty by 4.1% during the 1st quarter. Securian Asset Management Inc. now owns 8,129 shares of the real estate investment trust's stock valued at $627,000 after buying an additional 322 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Agree Realty by 4.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 30,000 shares of the real estate investment trust's stock valued at $2,316,000 after buying an additional 1,300 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in Agree Realty by 1.0% in the 1st quarter. Mutual of America Capital Management LLC now owns 55,086 shares of the real estate investment trust's stock worth $4,252,000 after purchasing an additional 519 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Agree Realty by 1.7% in the 1st quarter. Arizona State Retirement System now owns 29,694 shares of the real estate investment trust's stock worth $2,292,000 after purchasing an additional 490 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

ADC has been the topic of a number of analyst reports. Robert W. Baird upped their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Barclays set a $77.00 price target on shares of Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Morgan Stanley cut shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a research note on Friday, July 11th. Finally, Truist Financial upped their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Agree Realty Stock Performance

NYSE:ADC traded down $0.29 during mid-day trading on Friday, reaching $71.56. The company's stock had a trading volume of 288,116 shares, compared to its average volume of 1,102,055. Agree Realty Corporation has a 12-month low of $65.98 and a 12-month high of $79.65. The stock has a market cap of $7.87 billion, a P/E ratio of 40.45, a PEG ratio of 2.34 and a beta of 0.54. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The firm's fifty day moving average price is $73.89 and its two-hundred day moving average price is $73.94.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The firm had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, equities analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.256 dividend. This represents a $3.07 annualized dividend and a yield of 4.29%. The ex-dividend date is Thursday, July 31st. Agree Realty's dividend payout ratio is 173.45%.

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.