Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Agree Realty Co. (NYSE:ADC) by 55.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 340,198 shares of the real estate investment trust’s stock after selling 430,834 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.33% of Agree Realty worth $25,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ADC. Vanguard Group Inc. grew its position in shares of Agree Realty by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after buying an additional 258,217 shares during the last quarter. Long Pond Capital LP boosted its position in shares of Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after purchasing an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after buying an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Agree Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after buying an additional 43,768 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ADC shares. Wells Fargo & Company dropped their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. BTIG Research upped their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Truist Financial upped their target price on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group lifted their price target on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Stock Up 0.5 %

Shares of ADC stock opened at $75.97 on Friday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.47. The stock has a market cap of $7.86 billion, a P/E ratio of 41.97, a P/E/G ratio of 3.11 and a beta of 0.61. The stock has a 50 day moving average of $75.03 and a 200 day moving average of $68.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share 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 firm had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the firm earned $1.00 earnings per share. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, sell-side analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

About Agree Realty

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.