Positive Momentum Ahead for STAG, According to Jefferies
With earnings season mostly wrapped up, Jefferies has pointed to a few standout companies that appear well-positioned for the road ahead. Among those is STAG Industrial, Inc. (NYSE:STAG), which the firm recently highlighted as one of several buy-rated stocks that beat earnings expectations and offered strong guidance.
STAG Industrial, Inc. (NYSE:STAG) currently offers a dividend yield of 4.21% and has risen by over 7.5% so far this year. The real estate investment trust owns a broad mix of industrial real estate, including warehouses and light manufacturing properties.
Based on Tuesday's closing price, Jefferies believes the stock has about 29% upside to its $45 price target. In the first quarter, STAG Industrial, Inc. (NYSE:STAG) reported core funds from operations of $0.61 per share, slightly ahead of the $0.60 estimate from FactSet. Revenue reached $205.6 million, also beating the analyst consensus of $201.1 million. Analyst Jonathan Petersen noted a 27.3% increase in cash-leasing spreads, which measure the difference in rent from new and renewed leases compared to those that expired. He made the following comment:
"We expect leasing spreads will continue to trend positively vs coastal peers over the next few years driven by demand related to onshoring of manufacturing and supply chain reconfiguration."
STAG Industrial, Inc. (NYSE:STAG) is a solid dividend payer that offers monthly dividends to shareholders. The company has kept its dividend steady since 2011.
While we acknowledge the potential of STAG as an investment, our conviction lies in the belief that some deeply undervalued dividend stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for a deeply undervalued dividend stock that is more promising than STAG but that trades at 10 times its earnings and grows its earnings at double digit rates annually, check out our report about the .
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