Agree Realty Co. (NYSE:ADC) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Agree Realty Co. (NYSE:ADC) by 55.9% in the third quarter, HoldingsChannel.com reports. 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.’s holdings in Agree Realty were worth $25,627,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MCF Advisors LLC acquired a new stake in shares of Agree Realty in the second quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake in Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of 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. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty in the third quarter valued at about $75,000. Finally, Headlands Technologies LLC lifted its stake in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of ADC opened at $75.97 on Friday. The firm has a 50-day simple moving average of $75.03 and a two-hundred day simple moving average of $68.55. The stock has a market cap of $7.86 billion, a PE ratio of 41.97, a P/E/G ratio of 3.11 and a beta of 0.61. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

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 company had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter last year, the business posted $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, analysts forecast that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Stifel Nicolaus increased their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. BTIG Research increased their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada boosted their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. UBS Group raised their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Mizuho boosted their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

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.