Agree Realty Corporation $ADC Stake Raised by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group raised its stake in Agree Realty by 7.1% in Q4 and now owns 727,114 shares (about 0.63%) valued at roughly $52.37 million.
• Agree Realty increased its monthly dividend to $0.267 (payable May 14; ex-dividend April 30), implying a ~4.1% yield while its dividend payout ratio stands at 180.79%.
• Wall Street sentiment has shifted positive with multiple price-target boosts (UBS to $91) and upgrades, leaving a consensus rating of “Moderate Buy” and a consensus price target of $83.21.

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 727,114 shares of the real estate investment trust's stock after buying an additional 48,130 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.63% of Agree Realty worth $52,374,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ADC. AE Wealth Management LLC raised its holdings in Agree Realty by 3.5% during the third quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust's stock worth $331,000 after purchasing an additional 156 shares in the last quarter. IFP Advisors Inc raised its holdings in Agree Realty by 18.2% during the third quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust's stock worth $79,000 after purchasing an additional 171 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Agree Realty by 5.4% during the third quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust's stock worth $241,000 after purchasing an additional 174 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in Agree Realty by 5.8% during the third quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust's stock worth $225,000 after purchasing an additional 174 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in Agree Realty by 3.4% during the second quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust's stock worth $454,000 after purchasing an additional 204 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Trading Up 0.2%

Agree Realty stock opened at $77.95 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 2.62 and a beta of 0.53. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The firm's 50 day moving average price is $77.88 and its two-hundred day moving average price is $74.54.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th will be given a $0.267 dividend. This represents a c) annualized dividend and a yield of 4.1%. This is a positive change from Agree Realty's previous monthly dividend of $0.26. The ex-dividend date is Thursday, April 30th. Agree Realty's dividend payout ratio (DPR) is presently 180.79%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group boosted their target price on Agree Realty from $82.00 to $91.00 and gave the stock a "buy" rating in a report on Monday, March 9th. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, April 4th. Weiss Ratings raised Agree Realty from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, April 6th. Stifel Nicolaus boosted their target price on Agree Realty from $83.50 to $84.50 and gave the stock a "buy" rating in a report on Wednesday, February 11th. Finally, Truist Financial boosted their target price on Agree Realty from $79.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, March 23rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.21.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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