Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 55.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 340,198 shares of the real estate investment trust's stock after selling 430,834 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.33% of Agree Realty worth $25,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also bought and sold shares of ADC. MCF Advisors LLC bought a new position in shares of Agree Realty in the second quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV increased its position 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 valued at $38,000 after acquiring an additional 442 shares during the period. Headlands Technologies LLC raised its stake in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock valued at $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Agree Realty in the third quarter worth about $75,000. 97.83% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have commented on ADC. Robert W. Baird upped their price target on Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. BTIG Research raised their price target on Agree Realty from $65.00 to $74.00 and gave the stock a "buy" rating in a research note on Monday, August 12th. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. StockNews.com cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, Wells Fargo & Company reduced their price target on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.73.
Check Out Our Latest Analysis on ADC
Agree Realty Stock Up 0.5 %
Shares of ADC stock traded up $0.38 during trading hours on Friday, hitting $75.97. 626,097 shares of the company's stock traded hands, compared to its average volume of 1,238,254. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock's fifty day simple moving average is $75.03 and its two-hundred day simple moving average is $68.55. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.47. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 3.08 and a beta of 0.61.
Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 EPS. The firm's quarterly revenue was up 12.8% compared to the same quarter last year. On average, analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.
Agree Realty Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty's dividend payout ratio (DPR) is 167.96%.
About Agree Realty
(
Free Report)
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.
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