Norges Bank Invests $282.89 Million in Stag Industrial, Inc. $STAG
by Kim Johansen · The Markets DailyNorges Bank bought a new stake in Stag Industrial, Inc. (NYSE:STAG – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 7,797,494 shares of the real estate investment trust’s stock, valued at approximately $282,893,000. Norges Bank owned 4.18% of Stag Industrial at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. boosted its stake in shares of Stag Industrial by 7.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 7,617 shares of the real estate investment trust’s stock worth $275,000 after acquiring an additional 507 shares in the last quarter. LPL Financial LLC increased its stake in shares of Stag Industrial by 7.4% in the 1st quarter. LPL Financial LLC now owns 146,309 shares of the real estate investment trust’s stock valued at $5,285,000 after purchasing an additional 10,048 shares in the last quarter. Federated Hermes Inc. raised its holdings in Stag Industrial by 0.4% in the 1st quarter. Federated Hermes Inc. now owns 119,529 shares of the real estate investment trust’s stock worth $4,317,000 after purchasing an additional 477 shares during the period. Natixis Advisors LLC boosted its position in Stag Industrial by 10.7% during the first quarter. Natixis Advisors LLC now owns 389,428 shares of the real estate investment trust’s stock worth $14,066,000 after purchasing an additional 37,757 shares in the last quarter. Finally, Harbour Investments Inc. grew its holdings in Stag Industrial by 187.7% in the first quarter. Harbour Investments Inc. now owns 1,260 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 822 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.
Insider Buying and Selling
In other news, Director Benjamin S. Butcher sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $36.91, for a total transaction of $922,750.00. Following the completion of the sale, the director owned 7,562 shares in the company, valued at $279,113.42. This trade represents a 76.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Chase sold 13,144 shares of Stag Industrial stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $38.75, for a total transaction of $509,330.00. Following the sale, the executive vice president directly owned 9,422 shares in the company, valued at approximately $365,102.50. The trade was a 58.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 40,148 shares of company stock worth $1,502,621. Insiders own 1.10% of the company’s stock.
Stag Industrial Price Performance
STAG stock opened at $39.26 on Monday. Stag Industrial, Inc. has a 1 year low of $28.61 and a 1 year high of $39.73. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market capitalization of $7.33 billion, a PE ratio of 30.20 and a beta of 0.95. The business has a 50 day simple moving average of $37.62 and a 200-day simple moving average of $36.47.
Stag Industrial (NYSE:STAG – Get Free Report) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $211.12 million for the quarter, compared to the consensus estimate of $210.26 million. Stag Industrial had a return on equity of 6.82% and a net margin of 29.24%.The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. Equities research analysts anticipate that Stag Industrial, Inc. will post 2.47 earnings per share for the current fiscal year.
Stag Industrial Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.1242 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a dividend yield of 3.8%. Stag Industrial’s dividend payout ratio is currently 114.62%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on STAG. Cantor Fitzgerald began coverage on Stag Industrial in a research note on Wednesday, October 1st. They set a “neutral” rating and a $37.00 target price for the company. Evercore ISI increased their price objective on shares of Stag Industrial from $41.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Industrial Alliance Securities set a $37.00 target price on shares of Stag Industrial in a research note on Wednesday, October 1st. Wells Fargo & Company raised their price target on shares of Stag Industrial from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Monday, November 10th. Finally, Robert W. Baird lifted their price objective on Stag Industrial from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.89.
View Our Latest Analysis on STAG
Stag Industrial Company Profile
STAG Industrial, Inc is a real estate investment company, which engages in acquiring, owning, and managing single-tenant, industrial real estate assets. It offers industrial real estate operating platform to real estate ownership. The company was founded by Benjamin S. Butcher on July 21, 2010 and is headquartered in Boston, MA.
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