Sumitomo Mitsui Trust Holdings Inc. Sells 104,298 Shares of Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 874,368 shares of the real estate investment trust's stock after selling 104,298 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.87% of Agree Realty worth $55,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Morgan Stanley lifted its stake in Agree Realty by 75.2% in the fourth quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust's stock valued at $177,806,000 after buying an additional 1,075,648 shares during the last quarter. Vanguard Group Inc. boosted its stake in Agree Realty by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 12,644,530 shares of the real estate investment trust's stock worth $854,518,000 after purchasing an additional 797,668 shares during the period. Goldman Sachs Group Inc. grew its position in Agree Realty by 184.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 926,315 shares of the real estate investment trust's stock worth $66,815,000 after purchasing an additional 601,073 shares during the last quarter. State Street Corp increased its stake in Agree Realty by 11.7% in the first quarter. State Street Corp now owns 4,313,393 shares of the real estate investment trust's stock valued at $287,195,000 after purchasing an additional 451,462 shares during the period. Finally, Jupiter Asset Management Ltd. increased its stake in Agree Realty by 2,442.7% in the third quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust's stock valued at $25,828,000 after purchasing an additional 449,167 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree purchased 2,000 shares of Agree Realty stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares of the company's stock, valued at $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director John Rakolta, Jr. bought 20,430 shares of the business's stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now owns 392,549 shares of the company's stock, valued at approximately $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joey Agree purchased 2,000 shares of the firm's stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 42,482 shares of company stock valued at $2,397,572. 1.60% of the stock is owned by insiders.

Agree Realty Price Performance

ADC traded up $0.73 on Friday, hitting $56.56. 1,186,213 shares of the company were exchanged, compared to its average volume of 1,060,959. The business's fifty day moving average is $56.60 and its 200 day moving average is $58.14. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market capitalization of $5.69 billion, a P/E ratio of 33.16, a price-to-earnings-growth ratio of 2.55 and a beta of 0.52.

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. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Agree Realty's previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a yield of 5.30%. Agree Realty's payout ratio is currently 173.10%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADC shares. StockNews.com cut Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday, March 8th. Wells Fargo & Company cut their price target on Agree Realty from $66.00 to $62.00 and set an "overweight" rating for the company in a research note on Tuesday, February 20th. Truist Financial lowered their price objective on shares of Agree Realty from $70.00 to $68.00 and set a "buy" rating on the stock in a research report on Tuesday, February 27th. Stifel Nicolaus cut their price objective on shares of Agree Realty from $70.00 to $69.50 and set a "buy" rating for the company in a research report on Wednesday, February 14th. Finally, JMP Securities raised shares of Agree Realty from a "market perform" rating to an "outperform" rating and set a $71.00 target price on the stock in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $65.61.

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.