Director Jeffrey Eckel of HA Sustainable Infrastructure Capital (NYSE:HASI) executed the sale of company shares totaling $5.2 million on February 17, 2026. The disposition was recorded in two blocks while HASI was trading close to its 52-week high of $40.01, with the stock having gained 45.7% over the prior six months according to InvestingPro data.
The larger of the two transactions involved 124,998 shares sold at a weighted average price of $39.22, producing proceeds of $4,894,425. That tranche was completed through multiple trades priced between $38.80 and $39.80. A second set of sales comprised 9,400 shares at a weighted average price of $39.34, for $369,796 in total; those shares were sold in a series of trades at prices ranging from $39.26 to $39.46.
Following these sales, Eckel’s disclosed holdings include 19,162 shares held directly, 330,171 shares held indirectly via the Jeffrey W. Eckel Revocable Trust, and 2,887 shares held by his grandson. In addition, he indirectly holds 754,627 LTIP Units through HASI Management HoldCo LLC.
Market observers may note the timing of the sales against the backdrop of the company’s recent reported results. Hannon Armstrong Sustainable Infrastructure Capital Inc (HASI) released its fourth-quarter 2025 earnings, reporting earnings per share of $0.67, slightly above the $0.66 consensus estimate. Revenue for the quarter came in at $114.81 million, surpassing the expected $104.26 million. Despite the beat on both EPS and revenue, HASI’s share price fell in after-hours trading, an outcome the company’s reporting suggested could be linked to broader market forces or shifts in investor sentiment.
Additional analyst activity accompanied the operational and insider developments. TD Cowen raised its price target for HA Sustainable Infrastructure Capital to $50 from $40 and maintained a Buy rating. In its outlook, the firm applied a valuation multiple that equates to 14 times the company’s 2028 adjusted earnings per share estimate and factored a 3.4% dividend yield on its fiscal 2028 dividend estimate.
On dividend policy and valuation, HASI is currently valued at approximately $5.09 billion and offers a 4.33% dividend yield. The company has increased its dividend for seven consecutive years. InvestingPro’s analysis referenced in disclosures suggests the stock appears slightly overvalued at current levels.
The combination of insider selling, a recent earnings beat, and an upgraded analyst target provides investors with multiple data points to assess the company’s near-term market positioning. While the director-level sales reduce Eckel’s direct exposure, his indirect holdings through trusts and LTIP units remain sizeable, reflecting ongoing retained interests in the business.
Summary
Director Jeffrey Eckel sold $5.2 million of HASI stock on February 17, 2026, across two transaction groups while the share price traded near its 52-week high. The sales followed a quarter in which HASI beat EPS and revenue estimates and coincided with an analyst price-target increase from TD Cowen.
Key points
- Eckel sold 124,998 shares at a weighted average of $39.22 and 9,400 shares at a weighted average of $39.34 on February 17, 2026.
- HASI reported Q4 2025 EPS of $0.67 versus $0.66 expected and revenue of $114.81 million versus $104.26 million expected.
- TD Cowen raised its price target to $50 from $40 and kept a Buy rating, using a 14x multiple on 2028 adjusted EPS and a 3.4% dividend yield estimate for fiscal 2028.
Risks and uncertainties
- InvestingPro analysis indicates the stock may be slightly overvalued at current prices, presenting valuation risk to investors considering new positions - this primarily affects equity investors in the sustainable infrastructure sector.
- HASI’s share price fell in after-hours trading despite the earnings beat, which may reflect broader market trends or investor sentiment fluctuations that can impact the company and its sector.
- Insider selling while the stock trades near its 52-week high could raise uncertainty among market participants regarding timing and motives, potentially affecting investor confidence in the infrastructure and utilities segments.