Sumitomo Mitsui DS Asset Management Company Ltd Acquires 735 Shares of Agree Realty Co. (NYSE:ADC)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 3.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,535 shares of the real estate investment trust’s stock after purchasing an additional 735 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Agree Realty were worth $1,544,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its holdings in shares of Agree Realty by 59.2% during the third quarter. Envestnet Asset Management Inc. now owns 231,730 shares of the real estate investment trust’s stock worth $12,801,000 after purchasing an additional 86,181 shares during the period. Impax Asset Management Group plc acquired a new stake in shares of Agree Realty during the 4th quarter worth approximately $7,554,000. Daiwa Securities Group Inc. boosted its position in shares of Agree Realty by 1.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after acquiring an additional 21,254 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Agree Realty by 14.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 225,129 shares of the real estate investment trust’s stock worth $14,289,000 after acquiring an additional 28,438 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Agree Realty by 210.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock worth $3,646,000 after acquiring an additional 39,243 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Insider Activity

In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 42,482 shares of company stock valued at $2,397,572. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Stifel Nicolaus reduced their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Wells Fargo & Company reduced their price target on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. JMP Securities upgraded 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 research report on Monday, January 22nd. Finally, Mizuho cut their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.61.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $58.36 on Thursday. 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 $5.87 billion, a P/E ratio of 34.13, a P/E/G ratio of 2.63 and a beta of 0.52. The company’s 50 day moving average price is $56.60 and its two-hundred day moving average price is $58.25.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.14%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is presently 173.10%.

Agree Realty 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.