Readystate Asset Management LP Takes $2.60 Million Position in Stag Industrial, Inc. $STAG

Key Points

• Readystate Asset Management purchased 68,354 shares of Stag Industrial in the second quarter, representing a position worth approximately $2.60 million. Institutional investors collectively own 88.67% of the REIT’s stock.
• Stag Industrial reported quarterly revenue of $224.37 million, up 8.1% year over year and slightly above estimates, but earnings per share of $0.28 fell well short of the $0.65 consensus forecast.
• The company declared a quarterly dividend of $0.3875 per share, equivalent to an annualized $1.55 payout and a 4.1% yield. Analysts’ average rating is “Hold,” with an average price target of $40.70 versus the reported share price of $37.68.

Readystate Asset Management LP purchased a new position in Stag Industrial, Inc. (NYSE:STAG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 68,354 shares of the real estate investment trust's stock, valued at approximately $2,602,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacific Heights Asset Management LLC increased its position in shares of Stag Industrial by 25.0% during the 4th quarter. Pacific Heights Asset Management LLC now owns 500,000 shares of the real estate investment trust's stock valued at $18,380,000 after purchasing an additional 100,000 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Stag Industrial in the second quarter worth $3,693,000. Bessemer Group Inc. boosted its stake in Stag Industrial by 8.0% during the fourth quarter. Bessemer Group Inc. now owns 834,733 shares of the real estate investment trust's stock worth $30,684,000 after buying an additional 61,675 shares during the period. Renaissance Technologies LLC purchased a new position in Stag Industrial during the first quarter worth $3,444,000. Finally, Geode Capital Management LLC increased its position in Stag Industrial by 1.7% during the fourth 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 acquiring an additional 65,502 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company's stock.

Stag Industrial Price Performance

Shares of STAG opened at $37.68 on Monday. The firm has a market capitalization of $7.27 billion, a P/E ratio of 28.98 and a beta of 0.95. Stag Industrial, Inc. has a 12-month low of $34.40 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. The firm has a fifty day moving average price of $38.44 and a 200-day moving average price of $38.24.

Stag Industrial (NYSE:STAG - Get Free Report) last posted its quarterly 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 return on equity of 6.79% and a net margin of 28.04%.The company had revenue of $224.37 million during the quarter, compared to analysts' expectations of $223.04 million. During the same period in the prior year, the business earned $0.63 EPS. The company's quarterly revenue was up 8.1% on a year-over-year basis. Equities research analysts expect that Stag Industrial, Inc. will post 2.63 earnings per share for the current year.

Stag Industrial Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on STAG. Wells Fargo & Company reduced their target price on shares of Stag Industrial from $40.00 to $38.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 1st. Barclays upped their price target on shares of Stag Industrial from $38.00 to $41.00 and gave the company an "underweight" rating in a report on Thursday, July 16th. Robert W. Baird raised shares of Stag Industrial from a "neutral" rating to an "outperform" rating and set a $42.00 price objective on the stock in a research report on Monday, August 31st. Raymond James Financial began coverage on shares of Stag Industrial in a research note on Wednesday, June 17th. They issued an "outperform" rating and a $44.00 price objective for the company. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Stag Industrial in a research report on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $40.70.

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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