Universal Beteiligungs und Servicegesellschaft mbH has reduced its stake in Stag Industrial, Inc. (NYSE: STAG) by 11.9% during the second quarter of 2023. According to the latest disclosure with the Securities and Exchange Commission, the institutional investor now holds 56,838 shares after selling 7,709 shares in the quarter. This reduced stake is valued at approximately $2.06 million based on the most recent filing.
The move comes as part of a broader trend among institutional investors adjusting their holdings in Stag Industrial. Notably, Nuveen LLC acquired a new position in the first quarter valued at $129.97 million. Additionally, Cbre Investment Management Listed Real Assets LLC boosted its position in Stag Industrial by an impressive 82.3% during the same quarter, now owning 3,533,588 shares valued at around $128.20 million after acquiring 1,595,238 additional shares.
Goldman Sachs Group Inc. also increased its stake by 37.0% in the first quarter, resulting in ownership of 1,671,949 shares worth approximately $60.39 million. Meanwhile, American Century Companies Inc. raised its holdings by 606.8% during the first quarter, now owning 445,853 shares valued at $16.10 million. Vanguard Group Inc. also reported a marginal increase of 1.3%, bringing its total to 26,178,628 shares worth $945.57 million. Overall, institutional investors now hold 88.67% of Stag Industrial’s stock.
Analysts have recently adjusted their ratings for Stag Industrial, reflecting growing interest in the real estate investment trust. Evercore ISI raised its target price from $41.00 to $42.00, maintaining an “outperform” rating as of October 31, 2023. Weiss Ratings reiterated a “buy (B-)” rating, while Cantor Fitzgerald initiated coverage with a “neutral” rating and a $37.00 target price. Furthermore, Wells Fargo & Company updated its target price from $37.00 to $38.00, assigning an “equal weight” rating. Royal Bank of Canada also increased its price target from $38.00 to $42.00, giving the stock a “sector perform” rating. Currently, three analysts rate the stock as a “buy,” while six have assigned a “hold,” leading to an average rating of “hold” with a consensus target price of $38.89 according to MarketBeat.com.
In terms of insider activity, Executive Vice President Michael Chase sold 13,144 shares on November 5, 2023, at an average price of $38.75, totaling $509,330. Following this sale, Chase’s direct ownership fell to 9,422 shares valued at approximately $365,102.50. Additionally, Director Larry T. Guillemette sold 2,004 shares on September 23, 2023, for a total of $70,540.80, reducing his position by 4.93%. Over the last 90 days, insiders have sold a total of 40,148 shares worth $1.50 million, with corporate insiders currently holding 1.10% of the stock.
Stag Industrial’s share price opened at $38.95 on Tuesday. The company maintains a current ratio of 1.31, a quick ratio of 1.31, and a debt-to-equity ratio of 0.86. The stock’s 50-day moving average stands at $37.31, while its 200-day moving average is $36.35. Stag Industrial has seen its shares fluctuate between a twelve-month low of $28.61 and a high of $39.57. The firm boasts a market capitalization of $7.27 billion, a price-to-earnings ratio of 29.96, and a beta of 0.95.
In its most recent quarterly earnings report on October 29, 2023, Stag Industrial announced earnings per share (EPS) of $0.65, surpassing the consensus estimate of $0.63. The company’s revenue for the quarter was $211.12 million, exceeding analysts’ expectations of $210.26 million. Stag Industrial also reported a return on equity of 6.82% and a net margin of 29.24%, marking a 10.7% increase in quarterly revenue compared to the same period last year.
Additionally, Stag Industrial recently declared a monthly dividend of $0.1242 per share, payable on January 15, 2024, to shareholders on record as of December 31, 2023. The ex-dividend date for this distribution is also set for December 31. This announcement represents a dividend yield of 3.8% and indicates a payout ratio of 114.62%.
Founded on July 21, 2010, Stag Industrial, Inc. specializes in acquiring, owning, and managing single-tenant industrial real estate assets. The company is headquartered in Boston, MA, and offers a robust industrial real estate operating platform for investors.
