OVERSEA CHINESE BANKING Corp Ltd Sells 1,936 Shares of Agree Realty Corporation $ADC

OVERSEA CHINESE BANKING Corp Ltd reduced its position in shares of Agree Realty Corporation (NYSE:ADC) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 110,766 shares of the real estate investment trust’s stock after selling 1,936 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Agree Realty were worth $8,093,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. bought a new stake in Agree Realty in the 1st quarter valued at $27,000. Farther Finance Advisors LLC boosted its holdings in Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 306 shares during the period. SVB Wealth LLC bought a new stake in Agree Realty in the 1st quarter valued at $33,000. Larson Financial Group LLC boosted its holdings in Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 440 shares during the period. Finally, IFP Advisors Inc bought a new stake in Agree Realty in the 2nd quarter valued at $69,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Trading Down 0.5%

Shares of ADC stock opened at $74.75 on Monday. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 43.71, a P/E/G ratio of 2.43 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a fifty day moving average of $72.45 and a 200-day moving average of $73.69. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65.

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

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.262 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio is 183.63%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Barclays reduced their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. UBS Group increased their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, August 12th. Royal Bank Of Canada increased their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday. Evercore ISI increased their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. Finally, Mizuho dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. Nine research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $80.73.

Insider Activity

In other news, Director Greg Lehmkuhl bought 750 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was acquired at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the transaction, the director directly owned 27,684 shares of the company’s stock, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Craig Erlich bought 360 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were purchased at an average price of $70.84 per share, with a total value of $25,502.40. Following the transaction, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. This represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 36,742 shares of company stock worth $2,601,704. Company insiders own 1.80% of the company’s stock.

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.