Sumitomo Mitsui Trust Holdings Inc. Sells 115,495 Shares of Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui Trust Holdings Inc. cut its holdings in shares of Agree Realty Co. (NYSE:ADC) by 13.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 771,032 shares of the real estate investment trust’s stock after selling 115,495 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Agree Realty were worth $47,758,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Lindbrook Capital LLC grew its stake in Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 430 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 442 shares during the period. UMB Bank n.a. grew its position in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 512 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Agree Realty during the 4th quarter valued at $44,000. Finally, ICA Group Wealth Management LLC purchased a new stake in Agree Realty during the 4th quarter worth about $63,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 0.4 %

Shares of ADC stock opened at $71.38 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market cap of $7.18 billion, a P/E ratio of 41.99, a price-to-earnings-growth ratio of 2.80 and a beta of 0.58. The business has a 50-day moving average price of $65.54 and a two-hundred day moving average price of $60.54. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $73.20.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. During the same quarter in the previous year, the firm earned $0.98 EPS. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. Equities analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Friday, August 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 1,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADC. Stifel Nicolaus lifted their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Truist Financial boosted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. KeyCorp began coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price on the stock. Royal Bank of Canada boosted their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Mizuho upped their price target on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.29.

Agree Realty Profile

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.