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

OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Agree Realty Corporation (NYSE:ADC) by 77.7% in the 1st quarter, HoldingsChannel reports. The firm owned 112,702 shares of the real estate investment trust’s stock after acquiring an additional 49,282 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Agree Realty were worth $8,699,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty during the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC raised its position in Agree Realty by 137.8% during 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 in the last quarter. NBC Securities Inc. bought a new stake in Agree Realty during the first quarter worth $39,000. Headlands Technologies LLC increased its stake in shares of Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 235 shares during the last quarter. Finally, Quarry LP acquired a new stake in Agree Realty in the fourth quarter valued at about $52,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of ADC opened at $72.46 on Tuesday. The business’s fifty day moving average is $74.20 and its 200 day moving average is $73.94. Agree Realty Corporation has a 12-month low of $64.10 and a 12-month high of $79.65. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.97 billion, a P/E ratio of 40.94, a P/E/G ratio of 2.32 and a beta of 0.54.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same period last year, the firm earned $0.43 earnings per share. 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 firm also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be given a $0.256 dividend. The ex-dividend date is Thursday, July 31st. This represents a $3.07 annualized dividend and a yield of 4.24%. Agree Realty’s payout ratio is 173.45%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ADC. 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 report on Monday, May 5th. UBS Group cut their price target on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday. Evercore ISI boosted their price objective on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research note on Monday, June 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $80.54.

Agree Realty Company 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.