Pinnacle Associates Ltd. Raises Stake in STAG Industrial, Inc. (NYSE:STAG)

Pinnacle Associates Ltd. increased its stake in shares of STAG Industrial, Inc. (NYSE:STAG) by 6.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 10,215 shares of the real estate investment trust’s stock after purchasing an additional 650 shares during the period. Pinnacle Associates Ltd.’s holdings in STAG Industrial were worth $401,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in STAG. Ceredex Value Advisors LLC purchased a new stake in STAG Industrial during the 2nd quarter worth about $13,188,000. Bessemer Group Inc. raised its holdings in shares of STAG Industrial by 69.3% in the 1st quarter. Bessemer Group Inc. now owns 785,916 shares of the real estate investment trust’s stock valued at $30,211,000 after acquiring an additional 321,785 shares in the last quarter. F M Investments LLC purchased a new stake in shares of STAG Industrial in the 2nd quarter valued at about $6,534,000. Vanguard Group Inc. raised its holdings in shares of STAG Industrial by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 26,237,263 shares of the real estate investment trust’s stock valued at $1,008,560,000 after acquiring an additional 176,332 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of STAG Industrial by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,865,673 shares of the real estate investment trust’s stock valued at $103,333,000 after acquiring an additional 167,532 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

STAG Industrial Price Performance

STAG opened at $36.87 on Monday. The stock’s 50 day simple moving average is $38.77 and its 200 day simple moving average is $37.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.42 and a quick ratio of 1.60. STAG Industrial, Inc. has a 1 year low of $33.99 and a 1 year high of $41.63. The firm has a market cap of $6.72 billion, a price-to-earnings ratio of 37.24 and a beta of 1.09.

STAG Industrial Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.1233 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 4.01%. STAG Industrial’s payout ratio is 149.49%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Evercore ISI raised their price target on STAG Industrial from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Wells Fargo & Company raised their price target on STAG Industrial from $37.00 to $41.00 and gave the company an “equal weight” rating in a report on Wednesday, August 28th. Wedbush raised their price target on STAG Industrial from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, Barclays reduced their price objective on STAG Industrial from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.50.

About STAG Industrial

We are a REIT focused on the acquisition, ownership, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial real estate markets, industries, and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets.