Sumitomo Mitsui Trust Group Inc. Purchases 313,431 Shares of Agree Realty Corporation $ADC

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Agree Realty Corporation (NYSE:ADC) by 85.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 678,984 shares of the real estate investment trust’s stock after acquiring an additional 313,431 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.59% of Agree Realty worth $48,235,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Agree Realty by 16.1% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,086 shares of the real estate investment trust’s stock valued at $1,924,000 after purchasing an additional 3,760 shares during the period. Citizens National Bank Trust Department lifted its holdings in shares of Agree Realty by 21.6% during the third quarter. Citizens National Bank Trust Department now owns 23,610 shares of the real estate investment trust’s stock worth $1,677,000 after buying an additional 4,194 shares during the last quarter. Tributary Capital Management LLC lifted its holdings in shares of Agree Realty by 19.5% during the third quarter. Tributary Capital Management LLC now owns 21,328 shares of the real estate investment trust’s stock worth $1,515,000 after buying an additional 3,473 shares during the last quarter. Ethos Financial Group LLC boosted its position in shares of Agree Realty by 15.6% in the third quarter. Ethos Financial Group LLC now owns 8,829 shares of the real estate investment trust’s stock valued at $627,000 after acquiring an additional 1,190 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Agree Realty by 46.9% in the third quarter. SG Americas Securities LLC now owns 8,468 shares of the real estate investment trust’s stock worth $602,000 after acquiring an additional 2,704 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Chairman Richard Agree purchased 24,000 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the acquisition, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Rakolta, Jr. acquired 15,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The shares were purchased at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, the director directly owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 39,500 shares of company stock worth $2,813,680 in the last quarter. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on ADC. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Mizuho dropped their price objective on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Barclays increased their target price on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. KeyCorp lifted their target price on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, Wells Fargo & Company raised their price objective on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Stock Performance

NYSE:ADC opened at $71.97 on Friday. The firm has a market capitalization of $8.27 billion, a PE ratio of 42.09, a price-to-earnings-growth ratio of 2.25 and a beta of 0.55. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 12-month low of $68.98 and a 12-month high of $79.65. The firm has a 50-day moving average price of $72.79 and a 200 day moving average price of $72.68.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company 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 business earned $1.03 earnings per share. The company’s quarterly 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 anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a c) annualized dividend and a dividend yield of 4.4%. Agree Realty’s dividend payout ratio is presently 183.63%.

Agree Realty Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.