Sumitomo Mitsui Trust Group Inc. Has $27.03 Million Stock Holdings in Agree Realty Corporation (NYSE:ADC)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 3.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 350,228 shares of the real estate investment trust's stock after selling 12,495 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.33% of Agree Realty worth $27,034,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in Agree Realty during the fourth quarter valued at about $31,000. Capital Advisors Ltd. LLC lifted its holdings in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 270 shares during the last quarter. Headlands Technologies LLC boosted its position in shares of Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 235 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Agree Realty during the 1st quarter valued at about $39,000. Finally, Quarry LP acquired a new position in shares of Agree Realty in the 4th quarter worth approximately $52,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 2.5%

Shares of ADC stock traded up $1.84 during trading on Friday, hitting $73.90. 529,957 shares of the company were exchanged, compared to its average volume of 1,092,248. The business's 50-day simple moving average is $74.75 and its 200 day simple moving average is $73.86. Agree Realty Corporation has a twelve month low of $61.34 and a twelve month high of $79.65. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 41.75, a P/E/G ratio of 2.29 and a beta of 0.54. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The company had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same quarter last year, the business posted $0.43 EPS. As a group, analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.256 dividend. The ex-dividend date is Monday, June 30th. This represents a yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is currently 173.45%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Mizuho reduced their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. UBS Group cut their target price on Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Robert W. Baird upped their target price on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research note on Saturday. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.96.

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.