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

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 77.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the 4th quarter valued at $31,000. Capital Advisors Ltd. LLC increased its position in shares of Agree Realty by 137.8% during the 1st 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 last quarter. NBC Securities Inc. bought a new position in shares of Agree Realty during the 1st quarter worth $39,000. Headlands Technologies LLC grew its stake in shares of Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 235 shares during the period. Finally, Quarry LP bought a new position in shares of Agree Realty during the 4th quarter worth $52,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Up 0.8%

Agree Realty stock traded up $0.58 during mid-day trading on Wednesday, hitting $72.20. The company had a trading volume of 1,296,700 shares, compared to its average volume of 1,106,199. 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 stock's 50 day moving average price is $73.95 and its two-hundred day moving average price is $73.93. Agree Realty Corporation has a 12 month low of $65.60 and a 12 month high of $79.65. The company has a market capitalization of $7.94 billion, a PE ratio of 40.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.54.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The business had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same period in the previous year, the company posted $0.43 earnings per share. As a group, sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.256 dividend. This represents a $3.07 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio (DPR) is 173.45%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADC. Barclays set a $77.00 target price on Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Mizuho decreased their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Evercore ISI raised their price objective on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

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.