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

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

Several other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc increased its position in Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners bought a new stake in shares of Agree Realty during the fourth quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB grew its position in shares of 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. Arcadia Investment Management Corp MI bought a new position in shares of Agree Realty during the third quarter worth approximately $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Agree Realty during the 3rd quarter worth approximately $77,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Down 0.3 %

Shares of NYSE ADC opened at $72.58 on Wednesday. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 40.10, a PEG ratio of 2.87 and a beta of 0.65. 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 Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a 50-day moving average price of $71.97 and a two-hundred day moving average price of $73.45.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping 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, analysts forecast that Agree Realty Co. will post 4.13 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ADC shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of Agree Realty in a report on Tuesday, January 28th. Truist Financial raised their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Mizuho lowered their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Finally, StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Saturday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.93.

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.