Axa S.A. has significantly boosted its investment in Stag Industrial, Inc. (NYSE: STAG), increasing its holdings by 55.9% during the second quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Axa S.A. acquired an additional 159,580 shares, bringing its total ownership to 444,883 shares, valued at approximately $16.14 million.
Other institutional investors have also been active in modifying their positions in Stag Industrial. Private Trust Co. NA raised its stake by an astonishing 2,183.9% during the same period, now owning 708 shares worth around $26,000. Chung Wu Investment Group LLC initiated a new stake valued at $29,000, while Keystone Global Partners LLC acquired shares worth $41,000. EverSource Wealth Advisors LLC increased its holdings by 270.1%, now owning 1,436 shares valued at $52,000. Meanwhile, GAMMA Investing LLC boosted its stake by 58.7%, with ownership of 1,458 shares worth approximately $53,000. Collectively, institutional investors and hedge funds currently own 88.67% of Stag Industrial’s stock.
Insider Transactions and Company Performance
In related news, several insider transactions have occurred recently. On September 23, Director Larry T. Guillemette sold 2,004 shares at an average price of $35.20, totaling $70,540.80. Following this transaction, Guillemette holds 38,666 shares valued at approximately $1.36 million, reflecting a 4.93% reduction in his position.
Executive Vice President Michael Chase also sold 13,144 shares on November 5, receiving $509,330 from the sale at an average price of $38.75. This represented a substantial 58.25% decrease in his holdings, leaving him with 9,422 shares valued at around $365,102.50. Insiders hold approximately 1.10% of the company’s stock.
Stag Industrial recently announced its quarterly earnings, reporting $0.65 earnings per share for the quarter ending October 29, 2023. This result surpassed analysts’ expectations, which were set at $0.63. The company achieved a revenue of $211.12 million, outperforming forecasts of $210.26 million. Year-over-year, revenue increased by 10.7% from the previous year’s earnings of $0.60 per share.
Dividend Declaration and Analyst Ratings
Stag Industrial has also declared a monthly dividend of $0.1242 per share, payable on January 15, 2024, to investors on record as of December 31, 2023. This dividend represents an annualized yield of 3.8%, although the company’s dividend payout ratio currently stands at 114.62%.
Wall Street analysts have expressed varied opinions on the stock. Citigroup recently raised its target price from $35.00 to $40.00 while maintaining a “neutral” rating. Evercore ISI increased its price objective from $41.00 to $42.00, designating the company as “outperform.” Robert W. Baird also adjusted its target from $38.00 to $39.00 with a “neutral” rating. Currently, three analysts recommend a “Buy,” while six have issued a “Hold” rating, leading to a consensus rating of “Hold” with a target price of $38.89 according to data from MarketBeat.com.
Stag Industrial, founded by Benjamin S. Butcher on July 21, 2010, operates out of Boston, MA. The company specializes in acquiring, owning, and managing single-tenant industrial real estate assets, providing a robust platform for real estate investment. As the market evolves, continued interest from institutional investors and positive earnings reports suggest a potentially fruitful period ahead for Stag Industrial.
