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

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

A number of other hedge funds have also recently added to or reduced their stakes in ADC. Private Advisor Group LLC increased its stake in shares of Agree Realty by 3.6% during the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock worth $346,000 after purchasing an additional 170 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Agree Realty during the 4th quarter worth about $1,459,000. Mutual of America Capital Management LLC boosted its stake in shares of Agree Realty by 0.6% during the 4th quarter. Mutual of America Capital Management LLC now owns 54,567 shares of the real estate investment trust's stock worth $3,844,000 after acquiring an additional 305 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of Agree Realty by 11.4% during the 4th quarter. Metis Global Partners LLC now owns 11,511 shares of the real estate investment trust's stock valued at $811,000 after acquiring an additional 1,175 shares during the last quarter. Finally, State of Michigan Retirement System raised its stake in shares of Agree Realty by 2.9% in the 4th quarter. State of Michigan Retirement System now owns 24,500 shares of the real estate investment trust's stock valued at $1,726,000 after acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ADC shares. Robert W. Baird upped their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Truist Financial upped their price objective on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Barclays set a $77.00 target price on shares of Agree Realty and gave the company an "equal weight" rating in a research note on Wednesday, May 21st. Stifel Nicolaus boosted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, UBS Group decreased their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Six 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 stock. 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 Price Performance

NYSE ADC traded up $1.84 on Friday, reaching $73.90. The company's stock had a trading volume of 529,957 shares, compared to its average volume of 1,094,578. Agree Realty Corporation has a 52 week low of $61.34 and a 52 week high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The firm has a market cap of $8.13 billion, a PE ratio of 41.75, a price-to-earnings-growth ratio of 2.29 and a beta of 0.54. The business has a 50-day moving average price of $74.75 and a 200 day moving average price of $73.91.

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

Agree Realty Announces Dividend

The business also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.256 per share. This represents a yield of 4.1%. The ex-dividend date of this dividend is Monday, June 30th. Agree Realty's dividend payout ratio is currently 173.45%.

About Agree Realty

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.