Agree Realty Corporation $ADC Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in Agree Realty Corporation (NYSE:ADC) by 4.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 895,110 shares of the real estate investment trust’s stock after selling 45,706 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Agree Realty were worth $59,802,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vise Technologies Inc. bought a new position in Agree Realty in the third quarter worth approximately $1,220,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in shares of Agree Realty by 12.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 146,842 shares of the real estate investment trust’s stock valued at $9,811,000 after buying an additional 15,700 shares during the last quarter. North Dakota State Investment Board grew its holdings in Agree Realty by 8.9% during the third quarter. North Dakota State Investment Board now owns 3,663 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 300 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in Agree Realty by 9.6% during the third quarter. Asset Management One Co. Ltd. now owns 220,629 shares of the real estate investment trust’s stock worth $14,740,000 after buying an additional 19,252 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in Agree Realty by 3.0% during the third quarter. Signaturefd LLC now owns 13,371 shares of the real estate investment trust’s stock worth $893,000 after buying an additional 389 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $68.86 on Wednesday. The company’s fifty day simple moving average is $68.46 and its two-hundred day simple moving average is $74.44. Agree Realty Corporation has a 12-month low of $64.34 and a 12-month high of $82.08. The firm has a market cap of $8.96 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 3.04 and a beta of 0.40. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.55.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.68. The company had revenue of $213.88 million during the quarter, compared to analyst estimates of $211.52 million. Agree Realty had a return on equity of 4.00% and a net margin of 29.75%. The firm’s revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 earnings per share. As a group, equities analysts expect that Agree Realty Corporation will post 4.45 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.2710 per share. The ex-dividend date is Friday, October 30th. This is a positive change from Agree Realty’s previous monthly dividend of $0.2670. This represents a $3.25 annualized dividend and a dividend yield of 4.7%. Agree Realty’s dividend payout ratio (DPR) is 167.53%.

Insider Activity

In related news, insider Craig Erlich acquired 1,000 shares of the stock in a transaction on Monday, September 21st. The stock was acquired at an average price of $67.55 per share, for a total transaction of $67,550.00. Following the completion of the purchase, the insider owned 60,388 shares of the company’s stock, valued at $4,079,209.40. This represents a 1.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. purchased 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was purchased at an average price of $68.78 per share, for a total transaction of $1,375,600.00. Following the purchase, the director owned 654,602 shares in the company, valued at $45,023,525.56. This represents a 3.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 48,496 shares of company stock worth $3,418,670. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Mizuho decreased their price objective on Agree Realty from $80.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, September 17th. Truist Financial assumed coverage on Agree Realty in a research report on Thursday, October 1st. They set a “buy” rating and a $75.00 price target on the stock. KeyCorp lowered their price target on shares of Agree Realty from $82.00 to $76.00 and set an “overweight” rating on the stock in a report on Tuesday, October 27th. Citigroup lowered their price target on shares of Agree Realty from $82.50 to $72.00 and set a “neutral” rating on the stock in a report on Friday, October 23rd. Finally, BNP Paribas Exane cut their price objective on shares of Agree Realty from $84.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Profile

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.