Sumitomo Mitsui Trust Group Inc. Acquires 22,525 Shares of Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 362,723 shares of the real estate investment trust’s stock after buying an additional 22,525 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.35% of Agree Realty worth $25,554,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. UMB Bank n.a. raised its position in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 168 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares during the last quarter. US Bancorp DE lifted its stake in Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after buying an additional 252 shares during the period. Finally, Carmel Capital Partners LLC boosted its holdings in Agree Realty by 4.0% during the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock worth $507,000 after buying an additional 257 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of ADC opened at $72.58 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The stock has a market capitalization of $7.51 billion, a P/E ratio of 40.10, a P/E/G ratio of 2.87 and a beta of 0.65. The company has a 50 day moving average of $71.97 and a 200-day moving average of $73.45.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. As a group, equities research analysts forecast that Agree Realty Co. will post 4.13 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a $0.253 dividend. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty’s dividend payout ratio is currently 167.96%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday. Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. Finally, Mizuho decreased their target price 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $78.93.

Agree Realty 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.