Friedberg Investment Management Reduces Position in Stag Industrial, Inc. (STAG)
Friedberg Investment Management decreased its stake in shares of Stag Industrial, Inc. (NYSE:STAG) by 82.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,510 shares of the real estate investment trust’s stock after selling 162,082 shares during the quarter. Stag Industrial comprises about 1.5% of Friedberg Investment Management’s portfolio, making the stock its 25th largest holding. Friedberg Investment Management’s holdings in Stag Industrial were worth $948,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. San Francisco Sentry Investment Group CA bought a new position in shares of Stag Industrial during the second quarter worth $117,000. Creative Planning boosted its position in shares of Stag Industrial by 140.4% during the second quarter. Creative Planning now owns 4,341 shares of the real estate investment trust’s stock worth $120,000 after acquiring an additional 2,535 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Stag Industrial during the second quarter worth $200,000. Teacher Retirement System of Texas bought a new position in shares of Stag Industrial during the third quarter worth $200,000. Finally, Federated Investors Inc. PA bought a new position in shares of Stag Industrial during the second quarter worth $203,000. Hedge funds and other institutional investors own 82.51% of the company’s stock.
STAG has been the topic of a number of recent research reports. ValuEngine raised shares of Stag Industrial from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. UBS AG raised shares of Stag Industrial from a “sell” rating to a “neutral” rating and upped their price target for the company from $21.00 to $28.00 in a research note on Friday, September 8th. BidaskClub raised shares of Stag Industrial from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 4th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Stag Industrial in a research note on Friday, November 3rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $32.00 price target (up previously from $31.00) on shares of Stag Industrial in a research note on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $28.25.
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In other news, EVP Peter S. Fearey sold 1,033 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $28.71, for a total value of $29,657.43. Following the sale, the executive vice president now owns 2,506 shares of the company’s stock, valued at $71,947.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.00% of the company’s stock.
Shares of Stag Industrial, Inc. (STAG) traded up $0.45 on Wednesday, hitting $28.82. 568,800 shares of the stock traded hands, compared to its average volume of 696,640. Stag Industrial, Inc. has a 1-year low of $22.64 and a 1-year high of $28.95. The stock has a market capitalization of $2,669.12, a P/E ratio of 16.99, a P/E/G ratio of 3.13 and a beta of 1.24. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.62.
Stag Industrial (NYSE:STAG) last announced its earnings results on Thursday, November 2nd. The real estate investment trust reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. Stag Industrial had a net margin of 18.96% and a return on equity of 5.72%. The business had revenue of $78.14 million for the quarter, compared to the consensus estimate of $76.17 million. During the same quarter in the prior year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 24.8% on a year-over-year basis. sell-side analysts forecast that Stag Industrial, Inc. will post 1.69 EPS for the current year.
The company also recently announced a monthly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be paid a $0.1183 dividend. This represents a $1.42 annualized dividend and a dividend yield of 4.93%. The ex-dividend date is Tuesday, February 27th. Stag Industrial’s dividend payout ratio is currently 261.12%.
Stag Industrial Profile
STAG Industrial, Inc is a real estate investment trust. The Company is focused on the acquisition, ownership, and operation of single-tenant, industrial properties across the United States. As of December 31, 2016, the Company owned 314 buildings in 37 states with approximately 60.9 million rentable square feet, consisting of 243 warehouse/distribution buildings, 54 light manufacturing buildings, 16 flex/office buildings, and one building in redevelopment.
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