State Street Corp. Holds 10.0% Stake in Agree Realty Corp.
Ticker: ADC-PA · Form: SC 13G/A · Filed: Jan 29, 2024 · CIK: 917251
| Field | Detail |
|---|---|
| Company | Agree Realty Corp (ADC-PA) |
| Form Type | SC 13G/A |
| Filed Date | Jan 29, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, passive-investing, amended-filing
TL;DR
**State Street owns 10% of Agree Realty, a solid but passive institutional vote of confidence.**
AI Summary
State Street Corporation, a major financial institution, filed an amended Schedule 13G/A on January 29, 2024, disclosing its ownership in Agree Realty Corp. As of December 31, 2023, State Street Corporation reported beneficial ownership of 10,028,874 shares, representing 10.0% of Agree Realty Corp.'s REIT class of securities. This filing indicates a significant, but passive, institutional stake, which can provide stability but doesn't suggest an active role in company management.
Why It Matters
This filing confirms a large institutional investor's continued confidence in Agree Realty Corp., which can be a positive signal for other investors, but it's a passive stake, meaning State Street isn't looking to influence company decisions.
Risk Assessment
Risk Level: low — This filing indicates a stable, passive institutional ownership, which generally reduces volatility and doesn't introduce new risks.
Analyst Insight
Investors should note the stable institutional ownership by State Street Corporation, which suggests a baseline level of confidence in Agree Realty Corp. However, as this is a passive stake, it doesn't signal any impending strategic changes or activist involvement. It's a data point for long-term holders rather than a catalyst for short-term trading.
Key Numbers
- 10,028,874 — Shares Owned (Total shares of Agree Realty Corp. beneficially owned by State Street Corporation as of December 31, 2023.)
- 10.0% — Ownership Percentage (The percentage of Agree Realty Corp.'s REIT class of securities owned by State Street Corporation.)
Key Players & Entities
- State Street Corporation (company) — the reporting person and beneficial owner
- Agree Realty Corp (company) — the issuer of the securities
- 10,028,874 (dollar_amount) — shares beneficially owned by State Street Corporation
- 10.0% (dollar_amount) — percentage of class beneficially owned by State Street Corporation
- December 31, 2023 (date) — date of event requiring the filing
Forward-Looking Statements
- State Street Corporation will maintain a significant, passive stake in Agree Realty Corp. for the foreseeable future. (State Street Corporation) — high confidence, target: 2025-12-31
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is State Street Corporation, as stated on page 2 of 5, item 1.
What is the name of the issuer whose securities are being reported on?
The issuer is Agree Realty Corp, as identified on page 1 of 5 under 'NAME OF ISSUER'.
What type of securities are covered by this filing?
The filing covers the REIT class of securities, as specified on page 1 of 5 under 'TITLE OF CLASS OF SECURITIES'.
What was the date of the event that triggered this filing?
The date of the event which requires the filing of this statement was December 31, 2023, as indicated on page 1 of 5.
What rule under the Securities Exchange Act of 1934 is this Schedule 13G filed under?
This Schedule 13G is filed under Rule 13D-1 (B), as marked with an 'X' on page 1 of 5.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 29, 2024 regarding AGREE REALTY CORP (ADC-PA).