45,706 Agree Realty Corporation $ADC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Agree Realty stake by 4.9%, selling 45,706 shares in the third quarter; it still held 895,110 shares, valued at about $59.8 million.
• Agree Realty beat quarterly earnings and revenue estimates: EPS was $1.15 versus $0.47 expected, while revenue rose 16.7% year over year to $213.9 million. The REIT also raised its monthly dividend to $0.271 per share, a 4.7% annualized yield.
• Company insiders bought a combined 48,496 shares worth about $3.42 million over the past 90 days. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $79.85.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 895,110 shares of the real estate investment trust's stock after selling 45,706 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.69% of Agree Realty worth $59,802,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Agree Realty in the second quarter valued at approximately $1,447,551,000. Bank of America Corp DE bought a new position in Agree Realty in the 2nd quarter worth approximately $130,921,000. Deutsche Bank AG acquired a new position in Agree Realty during the 2nd quarter worth $104,747,000. Canada Pension Plan Investment Board acquired a new position in Agree Realty during the 2nd quarter worth $92,533,000. Finally, Jupiter Topco LLC bought a new position in Agree Realty in the 2nd quarter valued at $92,125,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Up 0.6%

NYSE:ADC opened at $68.86 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.55. Agree Realty Corporation has a 1-year low of $64.34 and a 1-year high of $82.08. The firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 3.04 and a beta of 0.40. The business's 50-day moving average price is $68.46 and its two-hundred day moving average price is $74.44.

Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.68. Agree Realty had a return on equity of 4.00% and a net margin of 29.75%. The company had revenue of $213.88 million during the quarter, compared to analyst estimates of $211.52 million. During the same period in the previous year, the company earned $1.10 EPS. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts expect that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $0.2710 per share. The ex-dividend date is Friday, October 30th. This is a positive change from Agree Realty's previous monthly dividend of $0.2670. This represents a $3.25 dividend on an annualized basis and a yield of 4.7%. Agree Realty's dividend payout ratio is presently 167.53%.

Insider Transactions at Agree Realty

In other news, Director John Rakolta, Jr. purchased 20,000 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The stock was acquired at an average cost of $68.78 per share, with a total value of $1,375,600.00. Following the acquisition, the director owned 654,602 shares in the company, valued at approximately $45,023,525.56. This trade represents a 3.15% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Erlich bought 1,000 shares of Agree Realty stock in a transaction dated Monday, September 21st. The stock was acquired at an average cost of $67.55 per share, with a total value of $67,550.00. Following the transaction, the insider owned 60,388 shares of the company's stock, valued at $4,079,209.40. This trade represents a 1.68% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 48,496 shares of company stock worth $3,418,670 in the last ninety days. Insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

ADC has been the subject of several research reports. KeyCorp lowered their target price on Agree Realty from $82.00 to $76.00 and set an "overweight" rating for the company in a research note on Tuesday, October 27th. Barclays cut their price target on Agree Realty from $85.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 20th. Citigroup decreased their price target on Agree Realty from $82.50 to $72.00 and set a "neutral" rating on the stock in a report on Friday, October 23rd. BNP Paribas Exane decreased their price target on Agree Realty from $84.00 to $74.00 and set a "neutral" rating on the stock in a report on Wednesday, October 21st. Finally, Weiss Ratings lowered Agree Realty from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.85.

Agree Realty Company Profile

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.

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