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

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 13.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 owned about 0.08% of Agree Realty worth $6,805,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Westwood Holdings Group Inc. bought a new stake in shares of Agree Realty in the 2nd quarter worth about $65,376,000. Norges Bank bought a new position in shares of Agree Realty during the 2nd quarter valued at approximately $65,030,000. Vanguard Group Inc. raised its holdings in Agree Realty by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock valued at $1,119,037,000 after buying an additional 403,048 shares during the period. State Street Corp raised its holdings in 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 buying an additional 381,438 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Agree Realty by 85.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 678,984 shares of the real estate investment trust’s stock worth $48,235,000 after buying an additional 313,431 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of 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 P/E/G ratio of 2.22 and a beta of 0.55. The company’s 50-day simple moving average is $72.80 and its two-hundred day simple moving average is $72.69. Agree Realty Corporation has a one year low of $68.98 and a one year high of $79.65. 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 announced its quarterly earnings data 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. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.Agree Realty’s revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, equities analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ADC shares. Barclays raised their target price 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. Truist Financial reduced their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Mizuho cut their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Finally, Stifel Nicolaus set a $83.50 price target on Agree Realty in a report on Tuesday, November 25th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $80.23.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. bought 15,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the transaction, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Peter Coughenour acquired 500 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were acquired at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the purchase, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This represents a 2.77% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 39,500 shares of company stock valued at $2,813,680. Company insiders own 1.80% of the company’s stock.

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.