Agree Realty Co. (NYSE:ADC) Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Agree Realty Co. (NYSE:ADC) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,149 shares of the real estate investment trust’s stock after acquiring an additional 1,464 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Agree Realty were worth $1,970,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Agree Realty by 1.8% in the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after purchasing an additional 258,217 shares in the last quarter. Long Pond Capital LP boosted its holdings in shares of Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Agree Realty by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after purchasing an additional 76,818 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Agree Realty by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after purchasing an additional 43,768 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADC. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price target (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Stifel Nicolaus lifted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Raymond James increased their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Truist Financial increased their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.04.

Agree Realty Price Performance

NYSE ADC opened at $74.96 on Tuesday. The firm has a market cap of $7.54 billion, a P/E ratio of 44.09, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The stock’s 50-day moving average is $74.23 and its two-hundred day moving average is $66.21. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. On average, analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Agree Realty Company 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.