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

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 18.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,419 shares of the real estate investment trust's stock after selling 4,730 shares during the period. 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 & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of ADC. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after buying an additional 534,545 shares during the last quarter. FMR LLC raised its position in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after buying an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC raised its position in Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock worth $156,327,000 after buying an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust's stock worth $119,651,000 after buying an additional 57,354 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADC. JMP Securities lowered shares of Agree Realty from an "outperform" rating to a "market perform" rating in a report on Tuesday, December 17th. Royal Bank of Canada cut their price target on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday. Stifel Nicolaus cut their price target on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. UBS Group raised 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 report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a "buy" rating and a $88.00 price target for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $79.62.

Agree Realty Price Performance

ADC traded down $0.85 on Friday, hitting $70.98. 738,394 shares of the company's stock were exchanged, compared to its average volume of 717,054. The firm has a 50-day moving average price of $71.71 and a 200-day moving average price of $73.49. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 39.21, a P/E/G ratio of 2.87 and a beta of 0.65. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating 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%. As a group, equities analysts anticipate that Agree Realty Co. will post 4.13 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given 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 payout ratio is 167.96%.

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.