Agree Realty Co. (NYSE:ADC) Stock Position Cut by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its stake in shares of Agree Realty Co. (NYSE:ADC) by 18.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,419 shares of the real estate investment trust’s stock after selling 4,730 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Agree Realty were worth $1,509,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. UMB Bank n.a. increased its stake in shares of Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 168 shares during the period. State of Alaska Department of Revenue boosted its stake in Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after purchasing an additional 224 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares during the period. US Bancorp DE raised its stake in shares of Agree Realty by 1.5% in the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after buying an additional 252 shares in the last quarter. Finally, Carmel Capital Partners LLC lifted its holdings in shares of Agree Realty by 4.0% in the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 257 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $72.58 on Wednesday. The business has a fifty day simple moving average of $71.97 and a 200 day simple moving average of $73.45. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The firm has a market cap of $7.51 billion, a price-to-earnings ratio of 40.10, a P/E/G ratio of 2.87 and a beta of 0.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. As a group, sell-side analysts predict that Agree Realty Co. will post 4.13 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.253 dividend. This represents a dividend yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s payout ratio is presently 167.96%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Royal Bank of Canada restated an “outperform” rating and issued a $79.00 price target on shares of Agree Realty in a research report on Tuesday, January 28th. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Evercore ISI began coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $78.93.

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.