Sumitomo Mitsui DS Asset Management Company Ltd Has $1.54 Million Holdings in Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Agree Realty Co. (NYSE:ADC) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,535 shares of the real estate investment trust’s stock after acquiring an additional 735 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Agree Realty were worth $1,544,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Signaturefd LLC raised its holdings in shares of Agree Realty by 90.9% during the fourth quarter. Signaturefd LLC now owns 7,364 shares of the real estate investment trust’s stock valued at $464,000 after acquiring an additional 3,507 shares during the period. Carmel Capital Partners LLC increased its stake in Agree Realty by 21.7% in the 4th quarter. Carmel Capital Partners LLC now owns 5,128 shares of the real estate investment trust’s stock valued at $323,000 after buying an additional 913 shares during the period. Lindbrook Capital LLC increased its stake in Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 430 shares during the period. HTLF Bank acquired a new position in Agree Realty in the 4th quarter valued at approximately $452,000. Finally, Xponance Inc. increased its stake in Agree Realty by 6.9% in the 4th quarter. Xponance Inc. now owns 12,053 shares of the real estate investment trust’s stock valued at $759,000 after buying an additional 773 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

ADC stock opened at $58.36 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average of $56.60 and a two-hundred day moving average of $58.25. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 34.13, a P/E/G ratio of 2.63 and a beta of 0.52. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26.

Agree Realty Increases Dividend

The company 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 dividend of $0.25 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a dividend yield of 5.14%. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio is currently 173.10%.

Wall Street Analysts Forecast Growth

ADC has been the topic of several research reports. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective on the stock in a research note on Monday, January 22nd. Mizuho dropped their price objective on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, March 7th. Finally, Truist Financial decreased their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $65.61.

Insider Buying and Selling

In other news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares in the company, valued at $22,375,293. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares in the company, valued at $22,375,293. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joey Agree acquired 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average cost of $56.92 per share, with a total value of $199,220.00. Following the completion of the acquisition, the chief executive officer now owns 561,403 shares in the company, valued at approximately $31,955,058.76. The disclosure for this purchase can be found here. In the last three months, insiders bought 42,482 shares of company stock valued at $2,397,572. Company 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.