1,449,914 Shares in Stag Industrial, Inc. $STAG Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 1,449,914 shares of STAG Industrial in the second quarter, valued at approximately $55.2 million and representing a 0.75% stake. Institutional investors collectively own 88.67% of the REIT.
• Analyst sentiment is mixed, with four Buy, five Hold and one Sell rating; the consensus rating is Hold with an average price target of $40.70, versus a recent price of $37.59.
• STAG reported quarterly revenue of $224.37 million, up 8.1% year over year, but earnings per share of $0.28 missed estimates. The company declared a quarterly dividend of $0.3875 per share, implying a 4.1% annualized yield.

Bank of America Corp DE purchased a new stake in shares of Stag Industrial, Inc. (NYSE:STAG - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,449,914 shares of the real estate investment trust's stock, valued at approximately $55,184,000. Bank of America Corp DE owned 0.75% of Stag Industrial at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Oppenheimer Asset Management Inc. purchased a new position in Stag Industrial during the second quarter valued at $3,693,000. Renaissance Technologies LLC purchased a new stake in shares of Stag Industrial in the first quarter worth $3,444,000. Geode Capital Management LLC grew its stake in shares of Stag Industrial by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,830,915 shares of the real estate investment trust's stock worth $140,851,000 after acquiring an additional 65,502 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Stag Industrial by 42.4% in the first quarter. Royal Bank of Canada now owns 378,187 shares of the real estate investment trust's stock worth $13,637,000 after acquiring an additional 112,589 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Stag Industrial by 25.3% during the first quarter. California State Teachers Retirement System now owns 221,520 shares of the real estate investment trust's stock valued at $7,988,000 after acquiring an additional 44,667 shares in the last quarter. Institutional investors own 88.67% of the company's stock.

Wall Street Analyst Weigh In

STAG has been the subject of several recent analyst reports. Barclays lifted their price target on Stag Industrial from $38.00 to $41.00 and gave the stock an "underweight" rating in a research report on Thursday, July 16th. Robert W. Baird upgraded shares of Stag Industrial from a "neutral" rating to an "outperform" rating and set a $42.00 price objective for the company in a research note on Monday, August 31st. Wells Fargo & Company reduced their price objective on shares of Stag Industrial from $40.00 to $38.00 and set an "equal weight" rating for the company in a research note on Tuesday, September 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Stag Industrial in a report on Friday, July 31st. Finally, Raymond James Financial assumed coverage on shares of Stag Industrial in a research note on Wednesday, June 17th. They issued an "outperform" rating and a $44.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $40.70.

Stag Industrial Trading Down 0.0%

NYSE:STAG opened at $37.59 on Monday. The company has a market cap of $7.25 billion, a PE ratio of 28.92 and a beta of 0.95. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.93. The company has a 50 day simple moving average of $38.12 and a two-hundred day simple moving average of $38.12. Stag Industrial, Inc. has a 12 month low of $34.40 and a 12 month high of $42.61.

Stag Industrial (NYSE:STAG - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.37). The firm had revenue of $224.37 million for the quarter, compared to the consensus estimate of $223.04 million. Stag Industrial had a net margin of 28.04% and a return on equity of 6.79%. During the same period in the previous year, the company earned $0.63 earnings per share. Stag Industrial's quarterly revenue was up 8.1% compared to the same quarter last year. Research analysts forecast that Stag Industrial, Inc. will post 2.63 earnings per share for the current year.

Stag Industrial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.3875 per share. This represents a $1.55 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, September 30th. Stag Industrial's dividend payout ratio is currently 119.23%.

Stag Industrial Profile

STAG Industrial, Inc is a real estate investment trust (REIT) that owns, operates and acquires industrial properties across the United States. The company primarily focuses on single-tenant facilities, including warehouses, distribution centers, manufacturing buildings and flex industrial properties.

STAG seeks to build a diversified portfolio by investing in properties used by businesses across a range of industries and serving multiple markets. Its properties support activities such as logistics, e-commerce fulfillment, manufacturing and product distribution.

Founded in 2010 and headquartered in Boston, Massachusetts, STAG Industrial became a publicly traded company in 2011.

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