OVERSEA CHINESE BANKING Corp Ltd Buys 28,902 Shares of Agree Realty Co. (NYSE:ADC)

OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 74.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,771 shares of the real estate investment trust's stock after acquiring an additional 28,902 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned about 0.07% of Agree Realty worth $5,105,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. MCF Advisors LLC bought a new position in Agree Realty in the 2nd quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust's stock valued at $38,000 after buying an additional 442 shares in the last quarter. Headlands Technologies LLC boosted its stake in Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock valued at $71,000 after purchasing an additional 798 shares during the last quarter. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock worth $73,000 after buying an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Agree Realty in the 3rd quarter worth $75,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BTIG Research boosted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the stock a "buy" rating in a report on Monday, August 12th. Royal Bank of Canada upped their price target on Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Wells Fargo & Company cut their price objective on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, November 4th. Robert W. Baird boosted their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Finally, Raymond James upped their target price on Agree Realty from $70.00 to $81.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $74.19.

Agree Realty Stock Up 0.2 %

Shares of NYSE:ADC traded up $0.18 on Tuesday, hitting $76.20. 545,150 shares of the company traded hands, compared to its average volume of 970,650. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $74.84 and a 200-day simple moving average of $67.98. The company has a market cap of $7.89 billion, a PE ratio of 42.13, a PEG ratio of 2.54 and a beta of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. During the same period last year, the business earned $1.00 earnings per share. The company's quarterly revenue was up 12.8% on a year-over-year basis. As a group, research analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date is Thursday, October 31st. This is a boost from Agree Realty's previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 3.98%. Agree Realty's dividend payout ratio (DPR) is 167.40%.

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.