OVERSEA CHINESE BANKING Corp Ltd Has $4.47 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

OVERSEA CHINESE BANKING Corp Ltd lowered its stake in Agree Realty Co. (NYSE:ADC) by 6.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 63,420 shares of the real estate investment trust’s stock after selling 4,351 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Agree Realty were worth $4,468,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners acquired a new stake in shares of Agree Realty during the fourth quarter worth $44,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 230 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty during the third quarter worth $77,000. Finally, UMB Bank n.a. grew its stake in shares of Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ADC. Mizuho decreased their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Evercore ISI initiated coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. BTIG Research boosted their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada decreased their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

Agree Realty Stock Performance

ADC opened at $76.98 on Wednesday. Agree Realty Co. has a 52-week low of $54.78 and a 52-week high of $78.39. The firm has a market capitalization of $8.26 billion, a PE ratio of 43.25, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50-day simple moving average is $72.92 and its 200 day simple moving average is $73.85.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, sell-side analysts expect that Agree Realty Co. 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 Monday, April 14th. Investors of record on Monday, March 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.94%. Agree Realty’s payout ratio is presently 170.22%.

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.