Agree Realty Corporation $ADC Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Agree Realty Corporation (NYSE:ADC) by 4.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 365,553 shares of the real estate investment trust’s stock after buying an additional 15,325 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Agree Realty were worth $26,707,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ADC. Sequoia Financial Advisors LLC grew its stake in shares of Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after purchasing an additional 139 shares during the last quarter. AE Wealth Management LLC acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $358,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Agree Realty by 77.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust’s stock worth $8,699,000 after purchasing an additional 49,282 shares during the last quarter. Twin Tree Management LP grew its stake in shares of Agree Realty by 615,421.4% in the 1st quarter. Twin Tree Management LP now owns 86,173 shares of the real estate investment trust’s stock worth $6,652,000 after purchasing an additional 86,159 shares during the last quarter. Finally, Ascent Group LLC acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $2,459,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC opened at $74.06 on Wednesday. The company’s 50 day moving average price is $72.52 and its 200 day moving average price is $73.72. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a market capitalization of $8.51 billion, a PE ratio of 43.31, a PEG ratio of 2.44 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same period in the previous year, the firm posted $1.03 earnings per share. The firm’s revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Research analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.26. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty’s payout ratio is presently 179.53%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ADC. Truist Financial lowered their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday. Evercore ISI lifted their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Royal Bank Of Canada lifted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Finally, Morgan Stanley cut shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a report on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $80.73.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average cost of $72.84 per share, with a total value of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. acquired 25,154 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were bought at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the transaction, the director directly owned 553,700 shares of the company’s stock, valued at $38,986,017. This represents a 4.76% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 36,742 shares of company stock valued at $2,601,704. Company insiders own 1.80% of the company’s stock.

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.