Sumitomo Mitsui Trust Holdings Inc. Has $55.04 Million Position in Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC) by 10.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 874,368 shares of the real estate investment trust’s stock after selling 104,298 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.87% of Agree Realty worth $55,041,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Louisiana State Employees Retirement System acquired a new stake in shares of Agree Realty during the 4th quarter valued at about $1,775,000. NewEdge Wealth LLC acquired a new position in Agree Realty in the fourth quarter valued at about $225,000. Janiczek Wealth Management LLC boosted its position in Agree Realty by 149.6% in the fourth quarter. Janiczek Wealth Management LLC now owns 2,608 shares of the real estate investment trust’s stock valued at $164,000 after buying an additional 1,563 shares in the last quarter. HBC Financial Services PLLC acquired a new position in Agree Realty in the fourth quarter valued at about $31,000. Finally, Applied Capital LLC FL boosted its position in Agree Realty by 2.4% in the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after buying an additional 174 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of ADC stock opened at $55.86 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 2.54 and a beta of 0.52. The firm’s 50 day moving average is $56.64 and its 200-day moving average is $58.16. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be issued a $0.25 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a yield of 5.37%. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio is currently 173.10%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADC. Stifel Nicolaus reduced their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Wells Fargo & Company reduced their price target on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Mizuho reduced their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Finally, BMO Capital Markets started coverage on shares of Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $65.61.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the acquisition, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joey Agree bought 2,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock worth $2,397,572 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Agree Realty Company 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.