Bank of America Corp DE Raises Stock Position in Stag Industrial, Inc. $STAG

Key Points

• Bank of America increased its Stag Industrial position by 8% in the first quarter, adding 111,001 shares to own 1.50 million shares worth approximately $54.1 million. Institutional investors collectively hold 88.67% of the REIT’s stock.
• Analyst sentiment remains mixed: three analysts rate STAG a Buy, six rate it Hold and one rates it Sell, producing a consensus rating of Hold and an average price target of $50.50.
• Stag Industrial reported quarterly revenue of $224.37 million, up 8.1% year over year, but EPS of $0.28 missed the $0.65 consensus estimate. The company declared a quarterly dividend of $0.3875, equivalent to a 4.2% annualized yield.

Bank of America Corp DE raised its position in Stag Industrial, Inc. (NYSE:STAG - Free Report) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,500,536 shares of the real estate investment trust's stock after purchasing an additional 111,001 shares during the quarter. Bank of America Corp DE owned about 0.78% of Stag Industrial worth $54,109,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Pacific Heights Asset Management LLC lifted its stake in Stag Industrial by 25.0% during the fourth quarter. Pacific Heights Asset Management LLC now owns 500,000 shares of the real estate investment trust's stock worth $18,380,000 after purchasing an additional 100,000 shares in the last quarter. Friedenthal Financial acquired a new stake in shares of Stag Industrial in the fourth quarter valued at $934,000. Bessemer Group Inc. raised its holdings in shares of Stag Industrial by 8.0% in the 4th quarter. Bessemer Group Inc. now owns 834,733 shares of the real estate investment trust's stock valued at $30,684,000 after buying an additional 61,675 shares during the period. Geode Capital Management LLC raised its holdings in shares of Stag Industrial by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 3,830,915 shares of the real estate investment trust's stock valued at $140,851,000 after buying an additional 65,502 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Stag Industrial during the 1st quarter worth about $3,444,000. Hedge funds and other institutional investors own 88.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on STAG shares. Barclays lifted their target price on Stag Industrial from $38.00 to $41.00 and gave the company an "underweight" rating in a research report on Thursday, July 16th. Robert W. Baird set a $138.00 price objective on shares of Stag Industrial in a research note on Friday, July 31st. Weiss Ratings restated a "buy (b-)" rating on shares of Stag Industrial in a report on Friday, July 31st. Wall Street Zen cut shares of Stag Industrial from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Raymond James Financial initiated coverage on shares of Stag Industrial in a research note on Wednesday, June 17th. They set an "outperform" rating and a $44.00 target price on the stock. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $50.50.

Stag Industrial Price Performance

Stag Industrial stock opened at $36.77 on Wednesday. The stock has a market cap of $7.09 billion, a P/E ratio of 28.29 and a beta of 0.96. The company has a fifty day simple moving average of $38.81 and a 200-day simple moving average of $38.36. Stag Industrial, Inc. has a 12-month low of $34.19 and a 12-month high of $42.61. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.93.

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

Stag Industrial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.3875 dividend. This represents a $1.55 annualized dividend and a yield of 4.2%. The ex-dividend date is Wednesday, September 30th. Stag Industrial's dividend payout ratio is currently 119.23%.

About Stag Industrial

Stag Industrial, Inc is a real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of single-tenant industrial properties throughout the United States. The company's portfolio is focused on free-standing warehouses, distribution centers and light manufacturing facilities designed to meet the logistical needs of a diverse tenant base. By concentrating on properties with straightforward layouts and minimal common-area maintenance, Stag Industrial seeks to deliver stable rental income and attractive risk-adjusted returns for its shareholders.

Since its founding in 2010 and initial public offering in 2011, Stag Industrial has pursued a disciplined investment strategy centered on high-quality, well-located assets.

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