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Chase Michael, Executive Vice President and Chief Investment Officer at STAG Industrial, Inc. (NYSE:STAG), recently executed a significant transaction involving the company's stock. On February 16, 2024, Michael sold 14,007 shares of common stock at an average price of $39.05 per share, amounting to a total value of approximately $546,927. Following this transaction, Michael's direct ownership of STAG Industrial shares stands at 9,422. The stock, currently trading at $32.39, has declined significantly since the sale. According to InvestingPro analysis, STAG Industrial appears fairly valued, with a market capitalization of approximately $6 billion.
In addition to the sale, Michael was granted 13,300 LTIP Units on January 7, 2025, under STAG Industrial's 2011 Equity Incentive Plan. These units, which vest quarterly over four years, can potentially be converted into common stock. Furthermore, Michael earned an additional 4,848 LTIP Units based on a performance unit award from January 2022. These units are fully vested and were granted by the company's Board of Directors. InvestingPro data shows STAG has maintained dividend payments for 14 consecutive years, with a current yield of 4.44%. For deeper insights into STAG's valuation and financial health metrics, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, STAG Industrial has been the focus of several updates from RBC Capital, including a reduction in the stock target to $40.00 from the previous $42.00, while maintaining a Sector Perform rating. This decision was influenced by broader industry challenges and softer fundamentals. Despite these factors, RBC Capital highlighted STAG Industrial's incremental growth potential, fueled by recent investment activity and ongoing development projects.
STAG Industrial's third-quarter earnings for 2024 revealed a strong performance, with a 3.2% rent growth and leasing activity showing 38% of the expected 2025 space already leased. The company also completed $130 million in acquisitions in the third quarter, including a significant portfolio in Boston. Development projects are proceeding as planned, with over 2.1 million square feet set to be completed in the latter half of 2025.
These recent developments reflect STAG Industrial's robust growth and pipeline, with raised guidance for same-store cash NOI growth and acquisition volume. The acquisition pipeline exceeds $4 billion, focusing on CBRE (NYSE:CBRE) Tier 1 markets. Despite some ongoing weaknesses in certain markets, STAG Industrial remains optimistic about future developments.
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