Sumitomo Mitsui DS Asset Management Company Ltd Decreases Stake in Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its holdings in Agree Realty Co. (NYSE:ADC) by 18.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Agree Realty by 6.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 362,723 shares of the real estate investment trust’s stock valued at $25,554,000 after acquiring an additional 22,525 shares during the period. State of Alaska Department of Revenue raised its holdings in Agree Realty by 7.4% during the fourth quarter. State of Alaska Department of Revenue now owns 63,324 shares of the real estate investment trust’s stock worth $4,459,000 after purchasing an additional 4,390 shares during the last quarter. Vanderbilt University boosted its position in Agree Realty by 52.8% during the fourth quarter. Vanderbilt University now owns 25,879 shares of the real estate investment trust’s stock worth $1,823,000 after purchasing an additional 8,946 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Agree Realty by 3.0% in the fourth quarter. Retirement Systems of Alabama now owns 125,603 shares of the real estate investment trust’s stock valued at $8,849,000 after purchasing an additional 3,643 shares during the last quarter. Finally, Longboard Asset Management LP purchased a new position in shares of Agree Realty in the fourth quarter valued at $211,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Down 0.3 %

ADC stock opened at $72.58 on Wednesday. The firm has a fifty day moving average price of $71.97 and a two-hundred day moving average price of $73.45. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. 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 PEG ratio of 2.87 and a beta of 0.65.

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

Agree Realty Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADC. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price on the stock. Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and increased their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Two investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $78.93.

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.