Agree Realty Corporation $ADC Position Lifted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Agree Realty Corporation (NYSE:ADC) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 365,553 shares of the real estate investment trust’s stock after acquiring an additional 15,325 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.33% of Agree Realty worth $26,707,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. boosted its stake in Agree Realty by 7.2% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust’s stock valued at $151,000 after acquiring an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after purchasing an additional 139 shares during the period. Journey Strategic Wealth LLC raised its holdings in shares of Agree Realty by 3.6% during the first quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust’s stock worth $509,000 after purchasing an additional 229 shares during the period. Evergreen Capital Management LLC raised its holdings in shares of Agree Realty by 5.5% during the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust’s stock worth $344,000 after purchasing an additional 232 shares during the period. Finally, Securian Asset Management Inc. raised its holdings in shares of Agree Realty by 2.9% during the second quarter. Securian Asset Management Inc. now owns 8,362 shares of the real estate investment trust’s stock worth $611,000 after purchasing an additional 233 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ADC shares. KeyCorp increased their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Mizuho dropped their target price on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Barclays dropped their target price on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 20th. UBS Group increased their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Finally, Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.73.

Agree Realty Trading Down 1.2%

Shares of NYSE:ADC opened at $74.06 on Wednesday. The company has a market cap of $8.51 billion, a PE ratio of 43.31, a P/E/G ratio of 2.44 and a beta of 0.55. The company’s 50-day moving average price is $72.52 and its 200 day moving average price is $73.72. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. Agree Realty’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a $0.262 dividend. The ex-dividend date is Friday, October 31st. This represents a c) annualized dividend and a yield of 4.2%. This is a boost from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s payout ratio is 179.53%.

Insider Activity at Agree Realty

In related news, CEO Joey Agree bought 4,108 shares of the stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $72.15 per share, with a total value of $296,392.20. Following the purchase, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. This represents a 0.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Craig Erlich bought 360 shares of the stock in a transaction on Friday, October 3rd. The shares were bought at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider owned 52,846 shares in the company, valued at $3,743,610.64. This trade represents a 0.69% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 36,742 shares of company stock worth $2,601,704 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

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.