OVERSEA CHINESE BANKING Corp Ltd Cuts Stock Position in Agree Realty Corporation $ADC

OVERSEA CHINESE BANKING Corp Ltd cut its position in Agree Realty Corporation (NYSE:ADC) by 13.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,789 shares of the real estate investment trust’s stock after selling 14,977 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Agree Realty were worth $6,805,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Agree Realty by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock worth $1,119,037,000 after buying an additional 403,048 shares during the last quarter. State Street Corp lifted its holdings in shares of Agree Realty by 7.1% during the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock valued at $422,629,000 after purchasing an additional 381,438 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Agree Realty by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after purchasing an additional 170,827 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Agree Realty by 5.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,780,620 shares of the real estate investment trust’s stock worth $130,092,000 after buying an additional 85,323 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in Agree Realty by 3.4% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,235,483 shares of the real estate investment trust’s stock valued at $90,264,000 after buying an additional 40,392 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADC has been the subject of several recent analyst reports. Stifel Nicolaus set a $83.50 price target on Agree Realty in a report on Tuesday, November 25th. Truist Financial lowered their target price on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Wells Fargo & Company boosted their target price on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Barclays raised their price target on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Finally, Royal Bank Of Canada dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday, January 6th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.23.

Insider Activity at Agree Realty

In related news, CFO Peter Coughenour purchased 500 shares of the firm’s stock in a transaction on Friday, January 9th. The stock was bought at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares of the company’s stock, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Rakolta, Jr. acquired 15,000 shares of the stock in a transaction on Wednesday, December 24th. The stock was bought at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the transaction, the director owned 562,606 shares in the company, valued at approximately $40,608,901.08. This represents a 2.74% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is owned by corporate insiders.

Agree Realty Stock Up 1.2%

ADC stock opened at $72.30 on Thursday. The company has a market capitalization of $8.31 billion, a P/E ratio of 42.28, a price-to-earnings-growth ratio of 2.22 and a beta of 0.55. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $79.65. The firm’s fifty day simple moving average is $72.80 and its 200-day simple moving average is $72.69. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. During the same quarter last year, the company posted $1.03 earnings per share. The firm’s revenue was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, equities research analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a $0.262 dividend. The ex-dividend date is Friday, January 30th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty’s dividend payout ratio is presently 183.63%.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.