Sumitomo Mitsui Trust Holdings Inc. Has $55.04 Million Position in Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui Trust Holdings Inc. cut its position in Agree Realty Co. (NYSE:ADC) by 10.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 874,368 shares of the real estate investment trust’s stock after selling 104,298 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Agree Realty were worth $55,041,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Louisiana State Employees Retirement System acquired a new position in shares of Agree Realty in the 4th quarter valued at approximately $1,775,000. NewEdge Wealth LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at approximately $225,000. Janiczek Wealth Management LLC raised its position in shares of Agree Realty by 149.6% in the 4th quarter. Janiczek Wealth Management LLC now owns 2,608 shares of the real estate investment trust’s stock valued at $164,000 after buying an additional 1,563 shares in the last quarter. HBC Financial Services PLLC acquired a new position in shares of Agree Realty in the 4th quarter valued at approximately $31,000. Finally, Applied Capital LLC FL raised its position in shares of Agree Realty by 2.4% in the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after buying an additional 174 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Up 1.2 %

ADC opened at $55.86 on Friday. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 2.54 and a beta of 0.52. The company’s 50 day moving average price is $56.64 and its two-hundred day moving average price is $58.16.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 5.37%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s payout ratio is presently 173.10%.

Insiders Place Their Bets

In other Agree Realty news, Chairman Richard Agree bought 16,000 shares of Agree Realty stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director John Rakolta, Jr. acquired 20,430 shares of Agree Realty stock in a transaction dated Friday, February 16th. The shares were bought at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Richard Agree acquired 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock valued at $2,397,572 in the last ninety days. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

ADC has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Mizuho decreased their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, March 7th. Stifel Nicolaus decreased their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a report on Wednesday, February 14th. JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a report on Monday, January 22nd. Finally, StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, March 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.61.

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.